IREN Targets Up to $2.3 Billion Convertible Note Issue, Shares Drop

Bitcoin miner Iren (IREN) intends to raise as much as $2.3 billion through the private placement sale of convertible senior notes due in 2032 and 2033 to institutional buyers, with an option for an additional $150 million of each series. This move is intended to refinance existing debt, occurring as the hashprice—a key revenue metric for miners—falls to a five-year low. Iren, which also supports AI model training, will use proceeds from a separate share sale to repurchase some outstanding 2029 and 2030 convertible notes. Following the announcement, the company's shares fell 5% to about $45, a drop potentially attributed to delta hedging by involved banks. Iren is targeting lower-cost financing, similar to a previous zero-coupon issuance, and plans to use capped call transactions to limit potential shareholder dilution.

(Source：CoinDesk)