Australian Bitcoin and data center company IREN has reached a confidential settlement with creditors NYDIG, marking the end of a three-year legal battle over a defaulted $105 million loan.

As revealed in PwC’s report to the Canadian court, the companies reached a confidential settlement over a financing agreement regarding a defaulted $105m loan from 2021 that was used to purchase 35,000 Antminer S19s Bitcoin mining machines.

The settlement also halted the scheduled examinations of IREN’s co-founders, William and Daniel Roberts, which were due to take place in June after an Australian court confirmed the Canadian bankruptcy proceedings of two IREN special-purpose vehicles (SPVs).

In 2023, IREN’s SPVs entered into agreements with other IREN entities where the hosting and leasing fees were set at a fixed rate. When the profitability of Bitcoin mining declined sharply in 2022, the SPVs defaulted, and the financed miners were deactivated.

When PwC was appointed as receiver and trustee of the SPVs, it wanted to probe deeply into IREN’s corporate setup and commercial reasoning for the fixed-rate leasing agreements. PwC also wanted to examine key IREN executives in court.

IREN appealed against those efforts, but its case was dismissed, and IREN’s co-founders were due to be examined in a Sydney court on June 16.

Following the settlement, both parties have come to an agreement on the defaulted loan, and the Roberts brothers will no longer have to appear in court.

IREN currently boasts six data centers across North America, with a total capacity of 2,910MW. After IREN’s stock price declined by 64 percent in 2024, it has since increased by 304 percent in 2025. The company is in the midst of a pivot away from Bitcoin mining to focus on its AI cloud business.

Founded in 2017 and an affiliate of asset management firm Stone Ridge Holdings Group, NYDIG has an existing Bitcoin mining business and offers crypto-focused financial services. The company previously acquired the flare gas cryptomining operations of Crusoe.