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/">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/">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/">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/">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/">hardware</a> and infrastructure expansions.&nbsp;

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

Ultramining_Eng

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