Bitcoin miners and neobanks to be made public

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Proof that the digital age has completely trapped Wall Street, recent listing announcements – through Special Purpose Acquisition Companies (SPACs) and traditional Initial Public Offerings (IPOs) – have been marked by companies fully rooted in the distant fields of digital banking and crypto-currencies.

IPO chart

It should be noted that registrations also come in some cases from companies based outside the United States.

To that end, Australian Bitcoin miner Iris Energy said last week that it had filed a request to raise $ 100 million via a direct listing in the United States.

The company said in its SEC filing this week: “We believe it is increasingly important that Bitcoin is, and can be, mined and used in an environmentally and socially responsible manner.” The company went on to say, “We are focused on locating our operations in areas of low cost and excess renewable energy. For example, our current operations in British Columbia are connected to the BC Hydro grid, whose electricity was 98% from clean or renewable sources in 2021. ”

The company’s financial statement shows that the company earned A $ 14.3 million in the most recent quarter ended September, compared to A $ 1.1 million in the previous year period. The pre-tax loss amounted to $ 674,456 respectively against AUD $ 531 during the same periods.

The bitcoin mining market is worth $ 16 billion a year, the company said in its filing.

And as further proof of the interest of foreign companies in listing their stocks here in the United States, as we noted in this space, Nubank, the Brazilian FinTech operating as a neobank and targeting Latin America, has confidentially filed its own IPO. Reported (private) valuations could exceed $ 55 billion, and the company has seen double-digit growth in its user base.

Read also: Nubank IPO Filing, Valuation Highlights Neobank’s Exciting Growth Expectations

South Korean online grocery start-up Kurly is seeking to go public in June 2022 and estimates it to be worth $ 5.9 billion as a result of its IPO. According to reports, the company could file an IPO application as early as December, with approval from South Korean financial authorities expected in February.

Kurly now has around 9 million users and recorded $ 853 million (or 1,000 billion won) in transactions last year. It aims to reach $ 1.7 billion in transactions by the end of 2021.

See: Grocery startup Kurly seeks $ 5.9 billion valuation after IPO

Marpai, which focuses on deep learning technology, went public this week, after raising $ 25 million in revenue for its own offering. The company’s stock jumped 20% on its first day of trading. The company said in its own S-1 file: “Through the use of the latest technology and artificial intelligence or ‘AI’, we believe we have the ability to predict costly events, such as those that are likely to develop a chronic illness or need a costly operation within the next twelve months. Armed with this knowledge, we aim to optimize care so employers can save money, while employees can benefit. access to high-quality care and enjoy good health outcomes.

The company said in its filing that net sales in the quarter ended March 31, net sales of $ 4.2 million were down from $ 5.3 million in the prior year period.

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