Iris Energy secured $2.3 billion in capital, marking one of the largest recent raises in the Bitcoin mining sector. The company raised the funds through a combination of convertible notes and equity.
Iris Energy will allocate the capital to significantly increase its Bitcoin mining hash rate. The firm also plans to expand its foray into the artificial intelligence (AI) cloud computing market, maintaining its commitment to using renewable energy sources for these operations.
Strong investor demand reportedly upsized the deal, signaling market confidence in IREN's strategy. This substantial capital injection positions Iris Energy to accelerate growth within the competitive digital infrastructure landscape. Separately, Goldman Sachs upgraded the stock to a "hold" rating on the same day.