Iris Energy, an Australia-headquartered bitcoin mining firm, has recently raised about $413.4 million ̌̌through stock offerings to fund expansion after bitcoin’s halving event.

The Nasdaq-listed firm raised the funds between May 15 and June 28 from the sale of 39.8 million shares, according to a Monday statement, first reported by TheMinerMag. The business update showed that the company’s 2024 expansion plan is fully funded with $425.3 million in cash reserves — including at-the-market proceeds to be received in July — and no debt.

Iris Energy intends to scale up its operations to reach 30 EH/s in hash rate capacity and 510 MW in data center capacities, according to the release. The additional cash buffer would be used for procurement for expansion extending to 2025, future …