TechFlow, June 11 — According to The Block, NASDAQ-listed bitcoin mining company IREN announced plans to raise $450 million through a private placement of convertible preferred notes to qualified institutional investors. The company may also offer an additional $50 million in notes to initial purchasers within 13 days of the issuance date.
IREN intends to use a portion of the proceeds to execute capped call transactions to minimize share dilution upon conversion of the convertible notes and to offset potential cash payments when note settlements exceed the principal amount.
In addition, the company plans to enter into prepaid forward share repurchase transactions with a value of up to $100 million, aimed at facilitating investor hedging and stabilizing the stock price. The remaining funds will be used for general corporate purposes and working capital.
