Bitcoin Miner IREN Proposes $450 Million Note Offering

Bitcoin Miner IREN Proposes $450 Million Note Offering

In Summary

  • IREN plans to raise $450M through convertible senior notes.
  • $50M more may be offered to initial investors post-issuance.
  • Funds support capped call deals, share buybacks, and growth.
  • Focus remains on Bitcoin mining, AI cloud, and data centers.


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.

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