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IREN Declines 6% on $875M Convertible Note Offering
The hot-handed bitcoin miner turned high-performance computing play could raise as much as $1 billion in the note sale.
Oct 7, 2025, 8:43 p.m.
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What to know:
- IREN's stock fell 6% after announcing an $875 million convertible debt offering, with potential to increase to $1 billion.
- The convertible notes, maturing in July 2031, will fund operations and capped call transactions to mitigate share dilution.
- Despite the drop, IREN's stock remains up 1,000% from April lows due to strong AI infrastructure demand.
High-performance computing firm IREN (IREN) stock slipped 6% on Tuesday post-market after announcing a $875 million convertible debt offering.
The offering may increase to $1 billion if initial purchasers take up an option to buy an additional $125 million, the press release said. The notes will be unsecured and give holders the right to convert into IREN shares or cash under certain conditions, with maturity set for July 2031.
STORY CONTINUES BELOW
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The firm said proceeds will fund general operations and capped call transactions, which are intended to reduce potential share dilution if the notes convert into equity. These capped calls are also designed to offset potential cash payments if the company's share price climbs significantly. The company added it may seek shareholder approval to repurchase shares to settle those instruments in the future.
The decline nearly erased today's advance on signing new multi-year artificial intelligence (AI) cloud contracts tied to Nvidia Blackwell GPU deployments. Even with the drop, the stock is still up around 1,000% from the April lows as investor appetite for AI-related infrastructure turned feverish.
Read more: Bitcoin Miner IREN Jumps 9% After Securing New Multi-Year AI Cloud Contracts
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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