- Settlement resolves $107.8 million loan default.
- Ends all related litigation for IREN.
- Agreement awaits court approval.
IREN settled a $107.8 million debt dispute with NYDIG by agreeing to pay $20 million, addressing defaulted loans on Bitcoin mining equipment. The resolution involves 35,000 Antminer S19 rigs and awaits court approval monitored by PwC.
IREN, a Nasdaq-listed Bitcoin mining company, has agreed to pay $20 million to NYDIG, a principal lender, settling a loan dispute. This settlement resolves a $107.8 million debt related to Bitcoin mining equipment financing.
โIREN stated that the settlement ends all related litigation and protects its affiliates, executives, and shareholders from further claims.โ โ IREN Limited, Co-CEO, William Roberts
The agreement ends ongoing litigation and protects IRENโs executives and shareholders from further claims. The settlement, awaiting court approval, involves 35,000 Antminer S19 mining rigs financed and pledged as collateral.
IRENโs financial stability may be safeguarded by this settlement, potentially influencing its operational recovery. Revenues have shown positive signs, with $501 million reported post-agreement.
These types of disputes can influence the Bitcoin mining industry, traditionally leading to changes in hashrate distribution. However, primary market prices are less likely to be directly impacted.
Historical trends suggest potential outcomes include minor temporary disruptions in mining operations, though liquidity shifts in the broader market remain unchanged, according to available on-chain data.
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