The world of Bitcoin (CCC:BTC-USD) mining has been a volatile one today. Indeed, various crypto miners are seeing their valuations move violently as investors digest where crypto prices could be headed from here. Furthermore, this initial public offering (IPO) season has caused quite a bit of excitement. Thus, now appears to be an intriguing time for investors considering the upcoming Iris Energy IPO.
An Australian Bitcoin miner, Iris Energy is one that investors may be intrigued by. Indeed, given the flows of capital in the Bitcoin mining space out of China due to various regulatory concerns, markets like Australia look to be attractive right now. Most of the capital in this space continues to permeate the U.S. However, American investors seeking options to diversify their holdings outside of the country, for fear of any domestic regulatory crackdown, may look to miners in other jurisdictions such as Australia.
Let’s dive into what’s been announced, as per initial filings, for this IPO.
What Investors May Want to Know About the Upcoming Iris Energy IPO
Iris Energy is reportedly looking to raise up to $223 million in one of the largest IPOs in the crypto mining space ever. This deal would imply a valuation of roughly $1.5 billion at the upper end of the range.
The Bitcoin miner intends to sell 8.27 million shares at a range of $25 to $27 per share. Upon the initial public offering completing, Iris Energy will list on the Nasdaq under the ticker “IREN.” Currently, the anticipated trading start date for IREN stock is Nov. 17.
Investors have gravitated toward large-scale Bitcoin miners of late. Iris plans to be among the largest in terms of hash rate, with a target of approximately 10% of the entire hash rate of the Bitcoin network. Accordingly, those bullish on where Bitcoin prices could be headed have gravitated toward such miners.
This IPO is set up to be a high-profile one. That said, investors are likely to keep an eye on how demand for IREN stock materializes over time. For now, this is a stock investors are likely to keep on their watchlist for the end of the month.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.