Bitcoin miner Iris Energy (IREN) has signed an agreement to sell up to $100 million in shares to investment bank B. Riley over the next two years, marking the bank’s second largest investment in bitcoin . the company faces a major headwind in the market. . In July, B. Riley signed a similar agreement with Core Scientific (CORZ), the world’s largest bitcoin miner by actual hashrate. Publicly traded bitcoin miners have seen their stock prices plummet this year, with bitcoin prices down 60% and energy prices rising.
B Riley may buy up to 25 million shares of IREN stock in the 24 months from Friday, according to a filing with the US Securities and Exchange Commission. If the bank chooses to buy all those ports for about $100 million, it will have a 31% stake in the miner, according to the filing. Iris Energy issued B. Riley 198,174 common shares in consideration for B. Riley’s relationship, included in the collection.