Arctos Capital Announces Closing of a US$4.2M Bitcoin Mining Equipment Financing with Iris Energy
San Francisco, CA — February 5, 2020 —
Arctos Capital, a commercial lender with offices in San Francisco, CA and Calgary, AB, has closed an equipment financing transaction with an emerging leader in the Bitcoin Mining Industry – Iris Energy.
The US$4.2M transaction financed the purchase of Bitmain and Canaan Mining Servers, which will be operated at Iris Energy’s flagship facility powered by hydro renewable energy in BC, Canada.
Trevor Smyth, Managing Partner at Arctos Capital, commented “The team at Iris is a perfect example of how the bitcoin mining industry has matured and professionalized over the past couple of years. They have deep experience across the finance, infrastructure, and renewable energy industries that has set them up for long-term success. It has been a pleasure to structure this initial financing with them, and we expect to grow with Iris as they expand their mining and data center business.”
Daniel Roberts, Chairman and Co-Founder of Iris Energy said, “This financing comes at a time when there is increased sophisticated institutional interest in exposure to bitcoin. Arctos Capital’s funding allows us to continue to expand our vertically integrated operations in British Columbia, and follows a recent equity raising of A$25m, cornerstoned by Australian institutional funds.
The Arctos team’s strong background in asset-backed lending and professional approach to business was attractive, and we’re delighted to be working with like-minded organisations as the sector rapidly becomes institutionalised. We look forward to an ongoing partnership with Arctos as our platform continues to expand over the course of 2021.”
Arctos Capital’s team believes that the bitcoin mining industry presents an attractive opportunity to generate yield through secure equipment financing transactions. The firm plans to scale aggressively throughout 2021 and beyond.