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Iris Energy Proprietary Limited, a bitcoin miner, is hoping to have a direct listing on the Nasdaq, but first it needs to raise $200 million in a fresh round of funding. As per reports, the Sydney-based mining company has been working round the clock with an adviser and met with prospective investors.
The investment will help the company get listed on Nasdaq, a technology-focused exchange in the United States, later this year. Despite the continued controversy over mining’s environmental impact, Iris Energy has been able to get funding. This could be due to the fact that the company produces cryptocurrency using sustainable energy.
Recently, Tesla CEO, Elon Musk went after Bitcoin as he pointed out the negative impact of mining. Shortly after, China began cracking down on mining farms, forcing many to relocate. Around the same time, Iris Energy Executive Director and Co-Founder Daniel Roberts confirmed that the company was exploring options for special purpose acquisition companies. In May, a Bloomberg report noted that the company was approached by several blank-check companies about a potential U.S. listing and was looking to raise $300 million to $500 million.
According to a recent update, Iris Energy is opting for a private placement over a SPAC sale since a direct listing would dilute existing investors’ shareholding more than a private placement, which would not offer additional shares. However, talks were still underway, and the mining company might opt out of the financing and direct listing plans.