Aussie-headquartered crypto mining entity Iris Energy has reportedly entered an agreement with B. Riley offering the capital market firm the option to buy a maximum of 25 million of its shares.

Specifically, as detailed in a filing with the US Securities and Exchange Commission, Iris Energy reportedly forged a deal with B. Riley Principal Capital II associated with the “potential offer and sale” of maximum of 25 million of the Bitcoin (BTC) mining firm’s ordinary shares, equivalent to $100 million. 

The filing reportedly claims that B. Riley has a 24-month period to finalize the acquisition beginning “as soon as practicable” following the effective date of the registration statement.

Due to Iris Energy meeting the qualifications to function as a “foreign private issuer” under U.S. securities regulations, the company shared its plan to abide by “most Nasdaq corporate governance listing standards” while also adhering to Australian law. 

The firm already has expectations of carrying out the issuance of 198,174 shares to B. Riley “as consideration for its irrevocable commitment” to purchase more shares.

Per Iris Energy’s filing, the firm has plans down its pipeline to utilize capitals generated by the sale to financially support development projects, including purchasing mining hardware and developing data facilities. 

“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.”

The crypto mining firm’ shares were listed on Nasdaq in November last year, after a $200-million funding round. B. Riley Securities, an affiliate of the capital market firm, also acted as a joint book-running manager with Cowen for Stronghold Digital Mining’s plan to list roughly 6 million shares on the Nasdaq in an initial public offering in October 2021.