The machines are owned owned by special purpose vehicles that aren’t guaranteed by the parent company.Read MoreCoinDesk
Bitcoin miner Iris Energy (IREN) said some of its mining equipment, owned by special purpose vehicles, isn’t producing enough cash to meet its financing obligations.
The firm also said Wednesday that the equipment has a market value “well below the principal amount of the relevant loans,” and the company is in talks with the lender.
The special purpose vehicles are not guaranteed by the parent company.
IREN shares fell over 5% in pre-market trading.
Read more about
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Another $113 million exited on Thursday, putting the fund on track for a sixth week…
Bitcoin’s early week rally unraveled as sharp ETF outflows, aggressive derivatives deleveraging and muted altcoin…
Regulators in Washington on Thursday cleared a major step that lets Americans trade spot Bitcoin…
Bitcoin is again trading under the shadow of a potential yen carry-trade shock as markets…
The one-month chart shows BTC still locked inside a descending structure from early November’s highs,…
On-chain analytics firm Glassnode has pointed out how the current Bitcoin market is reminiscent to…