According to Odaily, Australian crypto mining company, Iris Energy, has raised $413.4 million through a stock issuance since mid-May to fund its expansion plans for 2024 following the Bitcoin halving event. In a press release issued on Monday, Iris Energy stated that it had raised this total revenue by selling 39.8 million shares through its At-The-Market (ATM) stock issuance plan between May 15 and June 28.
The company had previously raised $257 million through equity financing in Q1 and an additional $44.8 million between March 31 and May 15. In the first half of this year, Iris Energy has raised a total of approximately $714 million. The funds will be used to support the company's growth and expansion plans following the Bitcoin halving event, which is expected to impact the profitability of mining operations.