Eco-friendly crypto mining firm Iris Energy has submitted a draft registration for direct listing with the US Securities and Exchange Commission (SEC). According to a <a href="https://irisenergy.co/iris-energy-confidentially-submits-registration-statement-for-proposed-nasdaq-direct-listing/" target="_blank" rel="nofollow noopener">press release</a> issued on Tuesday, the company expects to debut its offering by the end of this year. 
<h2>Green Bitcoin Miner Iris Energy Applies for Direct Listing With the SEC</h2>
Sydney-based Iris Energy is moving ahead with a direct listing after reports confirmed last month that it was no longer pursuing a SPAC merger. According to a July 19 report on <a href="https://www.bloomberg.com/news/articles/2021-07-19/bitcoin-miner-iris-said-to-seek-new-funds-ahead-of-u-s-listing">Bloomberg</a>, Iris decided to raise $200 million from private investors to prepare for its Nasdaq entry. 

Yesterday, Iris revealed that it is indeed pursuing a direct listing and has confidentially filed with the US regulators for the same. This marks a huge step forward for the company, which uses renewable energy to power its data centers.

It was estimated that Iris would generate $300 million to $500 million from a merger with a blank check company. However, the crypto business decided against that option, since it would have diluted existing investors’ stake.

Iris Energy’s website indicates that its flagship project is a 50-megawatt data center in British Columbia, Canada that runs entirely on clean energy. Additionally, it has signed several contracts for mining rigs to boost its capacity to 15.2 exahash per second (EH/s) within the upcoming years. 

Currently, Iris is on track to scale its mining capacity from 0.7 exahash to 4.5 exahash by the end of 2022. 
<h2>SPAC Merger Is Popular Option in Crypto Industry</h2>
While Iris Energy decided against a SPAC merger, the option remains popular with nascent crypto companies. In July, Peter Thiel-backed cryptocurrency exchange Bullish <a href="https://www.cryptoknowmics.com/news/thiel-backed-crypto-exchange-bullish-to-go-public-via-spac-merger/">declared</a> that it was negotiating a SPAC merger with Far Peak Acquisition that would value the company at $9 billion. 

Other crypto platforms such as eToro and fintech firm Social Finance (SoFi) have also resorted to this approach. Moreover, Stablecoin issuer Circle made headlines when it revealed that it would go public in a $4.5 billion SPAC deal.

However, the industry’s biggest stock to date -- Coinbase -- went public through a<a href="https://www.cryptoknowmics.com/news/brian-armstrong-paul-grewal-of-coinbase-faces-securities-class-action-over-nasdaq-listing/"> direct listing</a> on Nasdaq. The company’s stock debuted on the market at $381 and quickly surpassed $420. At the time of writing, it was changing hands at $250.80

Australian Crypto Miner Iris Energy Files for Direct Listing on Nasdaq

Eco-friendly crypto mining firm Iris Energy has submitted a draft registration for direct listing with the US Securities and Exchange Commission (SEC).

Divya is a postgraduate from Jawaharlal Nehru University specializing in International Relations and a professional writer with more than 5 years of experience writing for the web. She is an avid reader interested in the global financial system and the effects of decentralization. At Cryptoknowmics, she hopes to deliver clear and understandable content to inform readers about the latest events in the crypto sector.

Australian Crypto Miner Iris Energy Files for Direct Listing on Nasdaq

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