IREN, a Nasdaq-listed company focused on bitcoin mining and AI, announced plans to raise $450 million through a private offering of convertible senior notes to qualified institutional investors.
The company may also offer an additional $50 million to initial buyers within 13 days from issuance date, according to its Tuesday press release.
IREN plans to use a portion of the proceeds to execute capped call transactions. These are designed to minimize share dilution from convertible note conversions and to offset potential cash payments if the notes are settled above their principal amount.
The company also aims to enter a prepaid forward share repurchase deal worth up to $100 million, intended to facilitate investor hedging and potentially stabilize share prices. Remaining funds would support general corporate purposes and be used as working capital.
IREN, formerly known as Iris Energy, operates data centers across 2,000 acres in the U.S. and Canada, having secured 2,910 megawatts of grid-connected power. Its current three focus areas are bitcoin mining, AI cloud services and AI data centers.
IREN shares closed up 1.45% at $10.49 on the Nasdaq on Tuesday, according to Google Finance data. The stock has remained nearly flat year-to-date, posting a 0.29% gain.
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