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
Analyst il Capo Reveals What to Expect Next in Bitcoin Price! Is a Correction Coming? What to Expect in Altcoins?
How will the world's largest cryptocurrency, Bitcoin, move in the next stage? Analyst il Capo commented.
Two Senior Federal Reserve Officials Make Hot Statements About Bitcoin and Interest Rate Cuts
FED members Hammack and Goolsbee spoke about Bitcoin and the US economy in their statement. Here are the details.
Has a Massive Bubble Formed in Bitcoin? Analyst Evaluates the Possibility and Gives His Answer
For the First Time in a Long Time, Positive News for Bitcoin and Cryptocurrencies from a European Country
A country in the European Union has announced positive news for Bitcoin and crypto assets despite its recent stringent cryptocurrency rules.