July 02, 2024
Iris Energy, a bitcoin mining company based in Australia, has recently secured approximately $413.4 million through share sales to support its growth following the halving event of bitcoin.
The company, which is listed on Nasdaq, accumulated these funds from May 15 to June 28 by selling 39.8 million shares. The update on the company's operations revealed that its expansion plan for 2024 is entirely backed with a cash reserve of $425.3 million, which includes proceeds from the market to be received in July, and it carries no debt.
Project | Latest Raise | Latest Raise Date | Total Raise | Category |
|---|---|---|---|---|
Iris Energy | $413.4M | July 02, 2024 | $413.4M | Bitcoin |
The company plans to expand its operations to achieve a hash rate capacity of 30 EH/s and data center capacities of 510 MW, as stated in the release. The extra cash reserve will be allocated for procurement for further expansion until 2025, future contracts for more power capacity, and potential activities related to power monetization.
During the first quarter of the current year, Iris Energy reported a bitcoin mining revenue of $53.4 million, an increase from the $42 million recorded in the last quarter of 2023, as per their most recent quarterly report. The company's net profit after tax saw a significant rise to $8.6 million in the first quarter of this year, in contrast to a loss of $5.2 million in the preceding quarter, as indicated in the report.
On Monday, Iris Energy's shares saw an increase of 11.78% and have experienced an 85% rise since the beginning of the year, as per data from Google Finance.
About Iris Energy
Iris Energy Limited, also known as IREN, is a company that owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia. It is listed on the Nasdaq.
In the fiscal third quarter of 2024, the company reported a revenue of $54.35 million, which was a 379.82% increase year-over-year. The operating expenses for the same period were $42.79 million, marking a 125.54% increase. The net income for the quarter was $8.64 million, a significant rise of 382.93%2. The net profit margin was 15.89%, showing a 158.96% increase
Website: https://iren.com/
X Followers today: 9,238
X Followers 30 days ago: 8,660
X Change: 578 (+6.67%)
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
Comments