B. Riley may purchase up to $100M stake in Bitcoin miner Iris Energy

) mining firm’s ordinary shares, worth $100 million. The filing states B. Riley has a 24-month timeframe to complete the purchase starting “as soon as practicable” after the effective date of the registration statement.

Because Iris Energy qualifies as a “foreign private issuer” under U.S. securities laws, the firm said it intended to follow “most Nasdaq corporate governance listing standards” while also adhering to Australian law. The company already expected to issue 198,174 shares to B. Riley “as consideration for its irrevocable commitment” to purchase more shares.

According to Iris Energy’s filing, the company planned to use proceeds from the sale to fund growth initiatives including purchasing mining hardware and developing data centers: “As of the date of this prospectus, we cannot specify with certainty all of the particular uses, and the respective amounts we may allocate to those uses, for any net proceeds we receive. Accordingly, we will have broad discretion in the way we use these proceeds.”

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