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Clifford Chance advises sustainable Bitcoin miner Iris Energy on US$1.5 billion Nasdaq IPO

6 December 2021

Clifford Chance advises sustainable Bitcoin miner Iris Energy on US$1.5 billion Nasdaq IPO

Leading international law firm Clifford Chance has advised Australian company Iris Energy Limited in connection with its initial public offering and listing on the Nasdaq Stock Market. The offering raised approximately US$230 million and valued the company at US$1.5 billion upon listing.

Iris Energy is an Australian-headquartered sustainable Bitcoin mining company. It focuses on building, owning and operating data centres and electrical infrastructure which are currently utilised to mine Bitcoin. Iris Energy's centres are located in regions such as British Columbia, Canada where it can access abundant and under-utilised renewable energy to power its operations and support local communities.

The IPO follows a successful period of business growth and fundraising from private capital markets, where Clifford Chance has assisted Iris Energy to raise over US$220 million in convertible note and SAFE instrument fundraising rounds.

Partner Reuben van Werkum who led the transaction said, "We have thoroughly enjoyed supporting Iris Energy since its inception in 2018 through various acquisitions, fundraisings, commercial contracts, corporate structuring and on this very significant IPO milestone. We are proud to be working with an organisation that puts sustainability and social responsibility at the forefront. This transaction follows a stellar year for the APAC corporate team at Clifford Chance, where we have assisted an increasing number of private infrastructure clients and financial investors to invest in businesses of the future in the energy transition space and at the intersection of Infratech and ESG initiatives."

Reuben was supported by core team members senior associate Ivo Basoski, associate Artem Paoutov and paralegal Kate Procter. Partner Tim Grave, counsel Tennie Tam and senior associate Daniel Forster also advised on various aspects of the transaction.