Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
IREN shares jump after successful capital raise

IREN shares jump after successful capital raise

GrafaGrafa2024/12/04 23:40
By:Liezl Gambe

Shares of IREN (NASDAQ:IREN) jumped as much as 9.6%, reaching $14.17 early Wednesday, marking a nearly five-month high, after the Australia-based bitcoin miner raised more capital than initially targeted.

The company, which rebranded from Iris Energy in February, announced the pricing of $400 million in 3.25% convertible bonds (CBs) due June 2030, up from an initial $300 million offering.

The bonds have a 5.5-year tenor and an initial conversion price of $16.81, representing a 30% premium to the stock's last closing price.

IREN plans to use approximately $40 million of the net proceeds for capped calls, $76 million for prepaid forward share repurchases, and the remainder for general corporate purposes.

On Monday, IREN also revealed a 33% increase in its self-mining capacity, now at 28 EH/s, with plans to expand further to 50 EH/s and 810 megawatts of data centers by the first half of 2025, ahead of its previous target for the second half.

The company’s market cap stands at approximately $2.6 billion.

The stock has surged nearly 60% since the November 5 U.S. presidential election, driven by rising bitcoin prices and growing optimism about a favorable regulatory environment for cryptocurrencies under a potential Trump administration.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Bitget Will List SynFutures (F) in the Innovation and DeFi Zone!

We are thrilled to announce that SynFutures (F) will be listed in the Innovation and DeFi Zone. Check out the details below: Deposit Available: Opened Trading Available: 6 December 2024, 10:00 (UTC) Withdrawal Available: 7 December 2024, 11:00 (UTC) Spot Trading Link: F/USDT Introduction SynFutures

Bitget Announcement2024/12/05 10:00