Supreme Court ruling on limited recourse equipment financing arrangements
Company: IREN
The claim, verbatim
The Supreme Court of British Columbia affirmed that Bitcoin mined by the Company is not collateral for the equipment financing facilities and there is no parent guarantee. The court declared hashpower services transactions void, with an estimated value discrepancy of $3–$11.9 million between value received and consideration paid.
Source (primary)
IREN 6-K filed 2023-08-11 (SEC EDGAR, sec_filing)
View cached copy (2026-09-13)Live source ↗
Quote: “the Court issued its ruling affirming the Company's position that, among other things, the Bitcoin mined by the Company is not collateral securing such facilities and there is no parent guarantee with respect to the equipment financing facilities, and no relief in respect of substantive consolidation was granted. However, the Court declared transactions pursuant to hashpower services provided by the Non-Recourse SPVs to the Company to be void (the Court noted that based on the submissions to date, the discrepancy between the value that the Company received for the hashpower and the consideration paid to the Non-Recourse SPVs is between $3 million and $11.9 million)”
How we checked this
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Additional evidence
confirms IREN 6-K filed 2023-08-11
Quote: “the Court issued its ruling affirming the Company's position that, among other things, the Bitcoin mined by the Company is not collateral securing such facilities and there is no parent guarantee with respect to the equipment financing facilities, and no relief in respect of substantive consolidation was granted. However, the Court declared transactions pursuant to hashpower services provided by the Non-Recourse SPVs to the Company to be void (the Court noted that based on the submissions to date, the discrepancy between the value that the Company received for the hashpower and the consideration paid to the Non-Recourse SPVs is between $3 million and $11.9 million)”