Bitcoin miner Iren (IREN) plans to raise as much as $2.3 billion through a convertible note sale to refinance existing debt as the hashprice falls to a five-year low, hitting revenue.The company, which also offers processing power for training AI models, is looking to issue $1 billion of convertible senior notes due 2032 and $1 billion due 2033 in a private placement to institutional buyers. Purchasers may take an additional $150 million of each series, the company said. It also plans to sell shares to fund the planned repurchase of some outstanding 2029 and 2030 convertible notes.The company’s shares fell 5% to about $45 in Tuesday trading and are more than 40% below their November peak. The drop likely reflects delta hedging from banks involved in the deal, a short-term dynamic also seen when other miners issue convertibles.Hashprice measures the expected daily value of one terahash per second of computing power. It reflects how much revenue a miner can expect from a specific amount of hashrate and rises with bitcoin’s price and fee volume, and falls as mining difficulty increases. It dropped to a five-year low last month.Final terms of the debt sale including coupon and conversion premium will be set at pricing. The structure mirrors the company’s zero-coupon convertible issued in October, suggesting it is again targeting lower-cost financing relative to the 3.25% and 3.50% coupons on the notes it aims to retire. Capped call transactions are planned to limit dilution, according to the announcement.
Iren Plans to Sell Up to $2.3 Billion of Convertible Notes, Shares Drop
