Investment bank B. Riley has signed a $100 million share purchase agreement with Bitcoin mining company Iris Energy.
The agreement has a 24-month period. B. Riley may purchase up to 25 million shares in the company during this time, according to the SEC filing.
Investment Bank Agreed with Iris Energy
Regarding Investment Bank B. Riley’s move, Iris Energy made the following statement:
“We plan to use any proceeds from the facility to finance our growth initiatives and for working capital and general corporate purposes.”
Another US-based mining company, Core Scientific, signed a similar equity-focused deal with B. Riley in July.
The deals come with the difficult conditions Bitcoin mining companies faced during the downturn. Some companies may have to sell their valuable assets in order to survive.
A recent asset purchase agreement by CleanSpark has revealed the woes in current market conditions.
The leading cryptocurrency Bitcoin is trading at $ 18,808 at the time of writing, according to CoinMarketCap data.
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