Iris Energy sold 39.8 million shares through an in-market (ATM) offer between May 15 and June 28, generating gross revenue of $413.4 million. The Bitcoin mining company aims to increase its hash rate capacity to 30 EH/s and data center capacity to 510 MW this year.

Australia-based Bitcoin mining giant Iris Energy raised $413.4 million through stock issuance to finance growth after Bitcoin's halving. The Nasdaq-listed firm raised the funds by selling 39.8 million shares between May 15 and June 28, according to a statement reported Monday by TheMinerMag.

According to the business update, Iris Energy's 2024 expansion plan is fully funded with cash reserves totaling $425.3 million and debt-free, including market proceeds to be received in July. The company aims to increase its operations to 30 EH/s in hash rate capacity and 510 MW in data center capacities. This additional cash buffer will be used for procurement, additional power capacity agreements and potential power monetization activities for expansion plans extending to 2025.

Bitcoin mining companies have intensified their efforts to increase their revenue and mining capacity after miner rewards decreased by 50% after the Bitcoin halving in April.

Iris Energy generated $53.4 million in Bitcoin mining revenue in the first quarter of this year, compared to $42 million in the fourth quarter of 2023, according to its latest quarterly report. The report showed that the company's net profit increased to $8.6 million in the first quarter of this year, compared to a loss of $5.2 million in the previous quarter.

According to Google Finance data, Iris Energy shares closed with an increase of 11.78% on Monday and have increased by 85% since the beginning of the year. With this growth move, Iris Energy has taken an important step towards consolidating its leadership in the field of Bitcoin mining and seizing future opportunities.

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