Bitcoin Miner IREN Closes $3 Billion Convertible Notes Offering to Fuel AI Transformation
IREN Limited, previously focused on Bitcoin mining, closed a $3 billion convertible senior notes offering to fund its transition to AI infrastructure services. The notes carry a 1% annual coupon, mature in 2033, and have a 32.5% conversion premium over the company’s share price. Net proceeds totaled $2.96 billion, with $201.3 million allocated to capped call transactions aimed at reducing dilution risk for shareholders. The fundraise follows major AI agreements, including a $9.7 billion AI cloud deal with Microsoft in November 2025 and a partnership with Nvidia to deploy up to 5 GW of AI data-center capacity. The Nvidia deal includes a $3.4 billion cloud contract and warrants for 30 million shares at $70 apiece. Shortly after this partnership, IREN acquired Mirantis in a $625 million all-stock deal. IREN’s stock is currently down over 8% amid broader crypto weakness but has risen more than 9% in the past month and 15% over six months. Analysts expect IREN to exit Bitcoin mining by 2030 as it repurposes infrastructure for AI and high-performance computing.
