2024

Bitcoin

Million

Australia-based <a href="https://ultramining.com/news/en/iris-energy-diversifies-into-ai-with-10-million-nvidia-gpu-purchase-amid-bitcoin-focus/" rel="noopener noreferrer nofollow">Iris Energy</a> has successfully raised $413.4 million through stock offerings since mid-May, ensuring full <a href="https://ultramining.com/news/en/liquidstack-secures-funding-to-boost-eco-friendly-bitcoin-mining-in-the-u-s/" rel="noopener noreferrer nofollow">funding</a> for its ambitious 2024 expansion plan. This financial boost comes in the wake of Bitcoin’s recent <a href="https://ultramining.com/news/en/heat-waves-and-halving-bitcoin-miners-cash-in-amid-rising-prices/" rel="noopener noreferrer nofollow">halving</a> 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 <a href="https://theminermag.com/news/2024-07-01/iris-energy-atm-stock-raise-bitcoin-halving/" rel="noopener noreferrer nofollow">TheMinerMag</a>.
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 <a href="https://ultramining.com/hardware/" rel="noopener noreferrer nofollow">hardware</a> and infrastructure expansions.&nbsp;

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

Ultramining_Eng

Other articles published on Jul 1, 2024

Invest with Confidence: MoonBag Meme Coin’s Secure Smart Contract Offers Peace of Mind Unlike Tro...

Will Bitcoin Price Hit $70,000? Key Factors Influencing BTC Price This Week

Sony, Metaplanet Turn to Crypto Amid Yen Fall Warnings

Bitcoin Market Update: Bullish Sentiments Rise

Don’t Miss This! Top 3 Reasons Why Bitcoin Price Will EXPLODE in July

Avalanche (AVAX) Price Rallies: Can It Break Through the $30 Barrier?

Join our free newsletter for daily crypto updates!