Bitcoin miner IREN slips after unveiling $450 mln convertible debt deal

IREN

10/06/2025 22:19

** Shares of IREN IREN.O down 4.2% after hours to $10.05 as co seeks capital raise

    **
    Australia-based bitcoin miner announces offering of $450 mln
    convertible notes due Dec 2029 (4.5 year tenor)

      ** Co plans to use portion of net proceeds to pay for capped calls, derivative transactions to offset dilution, remainder for

         general purposes and working capital

        ** IREN has current market cap of about $2.4 bln, per LSEG

        ** IREN stock on Tues closed up 1.5% at $10.49

        ** In 2025, stock has traded as high as $13.63 (Jan 24) and as low as $5.13 (Apr 9)

** 11 of 12 analysts covering IREN rate stock "strong buy" or "buy", 1 has "hold" and median PT is $20.88, latest LSEG data reflects

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))