Iris Energy Secures $413 Million Post-Bitcoin Halving, Bolsters 2024 Expansion

Australia-based Iris Energy has successfully raised $413.4 million through stock offerings since mid-May, ensuring full funding for its ambitious 2024 expansion plan. This financial boost comes in the wake of Bitcoin’s recent halving event. Between May 15 and June 28, Iris Energy sold 39.8 million shares via its at-the-market (ATM) offering program, generating significant capital, according to TheMinerMag.

According to Iris Energy’s Q1 report, the company had already raised $257 million through equity financing and an additional $44.8 million between March 31 and May 15. This brings the total funds raised in the first half of 2024 to approximately $714 million. The recent ATM offering has fully funded Iris Energy’s 2024 growth plan, which aims to achieve a hashrate of 30 EH/s and data center capacities of 510 MW.

As of June 28, Iris Energy’s cash holdings totaled $425.3 million, which includes cash, cash equivalents, and proceeds from the ATM expected in early July. The remaining equity financing capacity under the ATM program is $223.2 million. The company’s outstanding ordinary shares increased by 20%, from 146 million on May 12 to 186 million on June 28.

This capital influx is part of a broader trend among public Bitcoin mining companies, which have been aggressively raising funds through equity financing since Q4. These companies are leveraging Bitcoin’s rally to finance their mining hardware and infrastructure expansions.