Bitcoin miner Iren (IREN) is set to raise up to $2.3 billion through a convertible note offering as it seeks to refinance existing debt amid pressures from declining hashprice. The company, which also provides high-performance computing for AI workloads, plans to issue $1 billion in convertible senior notes due 2032 and another $1 billion due 2033 via a private placement to institutional investors, with an option for buyers to take an additional $150 million of each series.
In addition, Iren intends to sell shares to fund the repurchase of portions of its 2029 and 2030 convertible notes. Shares fell 5% to around $45 on Tuesday, trading more than 40% below their November highs, likely reflecting short-term delta-hedging activity by banks involved in the offering, a common market response to convertible debt announcements.
The financing push comes as hashprice, a measure of expected daily revenue per terahash of mining power, dropped to a five-year low, cutting into miner revenue. Final terms for the notes, including coupon rates and conversion premiums, will be determined at pricing. The structure mirrors Iren’s October zero-coupon convertible, suggesting the company is again targeting lower-cost funding relative to the 3.25% and 3.50% coupons on the notes being refinanced. Capped call transactions are planned to help limit shareholder dilution.
