IREN to Raise $450M in Convertible Note Sale, Eyes Hedging Strategies Amid Market Pivot
Crypto and AI infrastructure company IREN is set to raise $450 million through a private placement of convertible senior notes due in 2029, targeting qualified institutional buyers. The offering includes an optional $50 million upsizing provision.
The notes, unsecured and interest-bearing, can be converted into IREN ordinary shares if certain stock price conditions are met. The firm may also redeem the notes in mid-2028 should its share price trade at least 30% above the conversion level.
IREN said proceeds would go toward capped call transactions and a prepaid forward stock repurchase program — tools to offset dilution risk and stabilize share performance. “There may still be some dilution or unmet offset if our stock price exceeds the cap,” IREN warned in its filing.
The raise comes as IREN further distances itself from its bitcoin mining roots, favoring AI-focused data center operations. Shares slid 6.8% premarket.
