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
Is Bitcoin a national threat? Peter Schiff thinks so
Share link:In this post: Peter Schiff says Bitcoin is a danger to national security. Bitcoin’s rising price makes people think it could replace gold in reserves. Some people disagree, while others worry it might cause problems.
Vitalik says Ethereum must prioritize verifiability and democracy
Share link:In this post: Vitalik Buterin says Ethereum must stay decentralized to keep its core purpose. He disagrees with using committees, even decentralized ones, as they reduce true decentralization.
Funding Roundup: Drone imagery DePIN raises $11.5M
Also, Union Labs announced a $12 million Series A
Hop into the Community and You Get 20 BGB! Celebrate BGB's New High!
BGB price hits a new high! The BGB holders community gives away BGB token every day. Join the group now and instantly receive 20 BGB! If you dare to join, we dare to give you BGB! Campaign Period: 9 December 2024, 10:00 – 14 December 2024, 10:00 (UTC) How to Join: Click to join the BGB Holders Comm