Bitcoin Miners, Neobanks File to Go Public

In evidence that the digital age has fully ensnared Wall Street, recent listings announcements — across special purpose acquisition companies (SPACs) and traditional initial public offerings (IPOs) — have been marked by companies fully entrenched in the far-flung realms of digital banking and cryptocurrencies.

IPO chart

The listings also, we note, in some cases come from companies based outside the United States.

To that end, Australian Bitcoin miner Iris Energy said this past week that it filed to raise $100 million via direct listing in the U.S.

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

The company’s financial state that the firm earned $14.3 million AUD in the most recent quarter that ended in September, compared to $1.1 million AUD in the year ago period. The pre-tax loss came in at a respective $674,456 vs. $531 AUD in the same periods.

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

And in further evidence of the interest overseas firms have in listing their shares here in the states, as we noted in this space, Nubank, the Brazil-based FinTech operating as a neobank and targeting Latin America, confidentially filed for its own IPO. Reported (private) valuations could top $55 billion, and the company has seen double digit growth in its user base.

Read also: Nubank IPO Filing, Valuation Spotlights Heady Neobank Growth Expectations

South Korea’s online grocery startup Kurly is looking to go public in June of 2022, and estimates a value of $5.9 billion following its initial public offering. There are reports the company could file an IPO application as early as December, with approval from South Korean financial authorities expected to come in February.

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

See: Grocery Startup Kurly Seeks $5.9B Valuation After IPO

Marpai, which is focused on deep learning technology, went public this week, having raised $25 million in proceeds for its own offering. The company’s stock surged by 20 percent in its first day of trading. The company said in its own S-1 filing, “Through the use of the latest technology and artificial intelligence or “A.I.,” we believe we have the ability to predict costly events, such as who is likely to develop a chronic disease or require a costly operation over the next twelve months. With this knowledge, we aim to optimize care so that employers can save money, while employees can have access to high-quality care and enjoy good healthcare outcomes.”

The company said in its filing that net sales in the quarter that ended March 31, net sales of $4.2 million declined from the $5.3 million seen in the previous year’s period.

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