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Bitcoin Miner Iris Energy Strucks An Equity Purchase Deal Worth $100 Million With B. Riley

Bitcoin miner Iris Energy has agreed to buy $100 million in shares from investment bank B. Riley.

Bitcoin Miner Iris Energy Strucks An Equity Purchase Deal Worth $100 Million With B. Riley 3

According to an SEC filing, the arrangement has a 24-month time frame during which B. Riley may acquire up to 25 million shares of the firm. According to Iris Energy:

“We intend to use any proceeds from the Facility to fund our growth initiatives (including hardware purchases and acquisition and development of data center sites and facilities), and for working capital and general corporate purposes.”

Publicly-traded Bitcoin miners’ stock values have plummeted this year as the price of bitcoin has dropped by up to 60% and energy expenses have skyrocketed.

Bitcoin Miner Iris Energy Strucks An Equity Purchase Deal Worth $100 Million With B. Riley 4

In exchange for B. Riley’s pledge, Iris Energy issued 198,174 ordinary shares, which are included in the total.

In July, Core Scientific, another US-based mining company, reached a similar equity-focused transaction with B. Riley. The adjustments are being made as mining companies confront challenging conditions during the slump. Some businesses have sold valuable assets, including Bitcoin holdings, to create operating cash.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.