Iren Seeks to Raise $2.3 Billion Through Convertible Note Sale and Share Offering

Iren, a bitcoin miner and AI processing power provider, plans to raise up to $2.3 billion through a convertible note sale to refinance debt, with shares dropping 5% to $45. The company will issue $1 billion of convertible senior notes due 2032 and 2033, with an additional $150 million of each series available. The hashprice has fallen to a five-year low, impacting revenue.