IREN shares jump after successful capital raise
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.
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.
You may also like
Crypto VCs say it's still early this cycle: 'sell when people are partying, dating supermodels and buying yachts'
A panel of venture capitalists at Emergence said it was still pretty early in the bull cycle and that they don’t yet see retail participation at the same levels as in 2021.Regarding the narratives shaping deal-making in the industry, the VCs were particularly focused on AI agents.
Matchain Partners With Io.net To Revolutionize Ai-powered dApps
Fireblocks adds Uniswap and Aave support with new features
Hut 8 plans to raise $500M for Bitcoin acquisitions