Bitcoin mining firm Iris Energy IPO: Here’s how you can buy IREN stock

Follow us on Google News:
 Bitcoin mining firm Iris Energy IPO: Here’s how you can buy IREN stock
Image source: VideoFlow,Shutterstock

Highlights

  • Iris Energy Limited (NASDAQ: IREN) stock debuted in NASDAQ on Wednesday at US$28.0 per share, above its listing price range.

  • The Bitcoin mining company uses a renewable energy source for mining.
  • The company booked a loss of US$490 million in the three months ended September 30, 2021. Unlike other mining companies, it sells minted Bitcoins. 

The shares of Bitcoin mining firm Iris Energy Limited (NASDAQ: IREN) debuted in NASDAQ on Wednesday with US$28.0 per share, more than the initial price range of US$25 to US$27.

The Sydney-based company raised US$231.5 million in the initial public offering (IPO). 

However, the stock declined 21.21% to US$22.06 at 3:01 pm ET.

Bitcoin price has been falling lately. It was down nearly 10.61% in the last seven days. On Wednesday, the cryptocurrency was trading at US$60,561.25 at 1:56 pm ET.

Analysts expect the Bitcoin prices to increase in the coming months as the acceptance of cryptocurrencies by businesses and the public grows.

Also Read: Top e-commerce stocks to explore as consumer confidence rebounds

Iris Energy’s USP is its use of renewable energy in its crypto mining operations. It works in regions with low-cost and abundant renewable energy sources. The company focuses on grid-connected power access to ensure a reliable, long-term power supply for mining.

Also Read: Top seven gold ETFs to consider as inflation rises to record high

 Iris Energy IPO: The Iren stock debuts in Nasdaq on Wednesday.

Source – Pixabay

Also Read: Become a Professional in Business Plan Writing

Iris Energy’s business

It is different from other mining companies because it doesn’t hold on to bitcoins after mining, and it had no Bitcoin balance as of September 30.


The company expects to mine around US$16 billion worth of Bitcoins in 2021. In the first nine months of 2021, Iris Energy’s Bitcoin mining revenue is estimated to be around US$12 billion, according to Blockchain.com. In the US, cryptocurrencies are regulated under a new infrastructure law. For example, the legislation stipulates the tax-reporting requirements. 

Also Read: Are these 7 digital payment stocks primed for online shopping boom

Financials

The company earned Bitcoin mining revenue of US$10.37 million in the September quarter of 2021. Its net loss for the quarter was US$490 million. 

The company builds, owns, and operates real assets like data center infrastructure powered by renewable energy. In addition, it plans to further diversify the revenue stream through hydrogen generation and storage activities with the help of high-performing computing devices. 

Also Read: Should one rely on cryptocurrencies to generate passive income?

Bottomline

The bitcoin price rose more than 100% this year. Despite volatility in the crypto market, companies lure customers with their innovative products and sustainable mining technologies. Today, investors have numerous investments options, and cryptocurrency is one of them. However, they should exercise due diligence before investing in cryptocurrencies. 

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.

Featured Articles