Aussie Green Bitcoin Miner Iris Energy Files with SEC to Go Public on Nasdaq
The number of cryptocurrency-related companies aiming to go public continues to increase, with the latest example being Iris Energy Pty. The firm, focused on green Bitcoin mining, has filed with US regulators for a direct listing on Nasdaq this year.
Based in Sydney, Australia, Iris Energy is a Bitcoin mining firm that “owns and operates real assets, including data center infrastructure, powered by renewable energy.”
According to a press release dated August 18th, the company has “confidentially” filed the US Securities and Exchange Commission to make a debut on Nasdaq.
By submitting a draft Registration Statement on Form F-1 with the Commission, the firm has outlined its plans to have its shares listed on the popular exchange by the fourth quarter of 2021.
As with all listings, Iris Energy will be “subject to SEC review as and market and other conditions.”
Interestingly, the company has chosen to go live on Nasdaq through a direct listing instead of the more traditional way of an initial public offering (IPO).
The direct listing approach – also known as direct placement or direct public offering – eliminates the necessity of intermediaries (underwriters – typically banks). In this case, the firm sells outstanding shares directly to the public.
With IPO, the intermediary charges a commission for facilitating the process and underwriting the newly-created shares. It’s typically regarded as the safer option.
Previously, the largest US-based cryptocurrency exchange, Coinbase, also chose to go public on Nasdaq through a direct listing.
Back in April this year, the firm’s share traded at around $400, and the total valuation exceeded $100 billion.
Since then, other companies that presented plans to go public included Bakkt, eToro, Kraken, and even Binance hinted at something similar.