Bitcoin miner Iren (IREN) plans to raise up to $2.3 billion through convertible notes to refinance existing debt and support its operations amid declining hashprice pressures. The company, which also provides computing power for AI workloads, aims to issue $1 billion in convertible senior notes due 2032 and $1 billion due 2033 via a private placement to institutional investors, with an option for buyers to acquire an additional $150 million of each tranche.
Iren also plans to sell shares to fund the repurchase of portions of its 2029 and 2030 convertible notes. Shares fell 5% to roughly $45 on Tuesday, trading more than 40% below their November peak, likely reflecting short-term delta-hedging by banks involved in the deal—a common reaction to convertible debt offerings.
The company’s financing push comes as hashprice—the expected daily revenue per terahash of mining power—fell to a five-year low, squeezing miner revenue. Final terms for the debt sale, including coupon rates and conversion premiums, will be set at pricing. The offering mirrors Iren’s October zero-coupon convertible, signaling a strategy to secure lower-cost funding compared with the 3.25%–3.50% coupons on the debt being retired. The company also plans capped call transactions to limit shareholder dilution.
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