Catenaa, Wednesday, June 18, 2025- IREN, a Nasdaq-listed company focused on Bitcoin mining and artificial intelligence, announced plans recently to raise $450 million through a private offering of convertible senior notes to qualified institutional investors.
The company stated it may offer an additional $50 million to initial buyers within 13 days of the issuance.
IREN aims to use a portion of the proceeds to execute capped call transactions, which are designed to minimize share dilution from convertible note conversions.
The company also plans to enter a prepaid forward share repurchase agreement worth up to $100 million.
The remaining funds will be allocated for general corporate purposes and working capital.
Formerly known as Iris Energy, IREN operates data centers across 2,000 acres in the U.S. and Canada, with 2,910 megawatts of grid-connected power.
Its primary focus areas include Bitcoin mining, AI cloud services and AI data centers.
