Australian renewable block reward mining company doubles latest pre-IPO funding round

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An Australian company that invests in block reward mining facilities powered by green energy has doubled its latest projected funding round, the second major funding drive pre-initial public offering (IPO).

Iris Energy has raised its funding round target to AU$40 million, equivalent to US$31 million, up from an original target of AU$20 million. The move comes after a commitment of AU$13 million from equity manager Platinum Asset Management.

The investment follows on from the first pre-IPO investment round, which saw the firm tie up $19.5 million in equity funding, alongside $3.9 million in debt funding, in a round led by Regal Funds Management and Thorney.

Iris Energy is now thought to be gearing up for a summer IPO, subject to the approval of the Australian Securities Exchange. The float reportedly has a target of a further $39 million, which the firm intends to use to expand the scale of its block reward mining operations.

The company is planning to roll out new mining facilities across the United States and Canada, as well as developing its infrastructure in the Asia-Pacific region.

The news means Iris Energy becomes the latest block reward mining firm to turn to mainstream markets for finance, spurred by the ongoing speculative bull market in digital currencies.

Back in February, European block reward mining firm Northern Data secured the backing of Credit Suisse for its $500 million IPO plans, in a move that would become one of the largest of its kind in Europe to date.

The involvement of Credit Suisse comes after it had previously advised Canaan Creative (NASDAQ: CAN) on its ill-fated IPO in 2019.

Rival Bitmain is also thought to be weighing up a public listing after a failed attempt in 2018, which would see yet another mining firm float on public markets.

See also: TAAL’s Jerry Chan presentation at CoinGeek Live, The Shift from Bitcoin “Miners” to “Transaction Processors”