Bitcoin mining firm IREN Limited said Thursday that it closed a $3 billion convertible senior notes offering, securing capital to accelerate its transformation from cryptocurrency mining to AI infrastructure services.
The convertible notes carry a 1% annual coupon and mature in 2033, with a conversion premium of 32.5% above IREN’s share price
The notes were sold privately to qualified institutional buyers under Rule 144A, generating net proceeds of $2.96 billion after fees and expenses. The company allocated $201.3 million from the proceeds to fund capped call transactions with a cap price of $110.30 per share—representing a 100% premium over the $55.15 share price recorded on May 11. The capped call structure is designed to reduce potential dilution from note conversions while providing upside participation for existing shareholders.
The capital raise follows a rapid succession of AI agreements that have reshaped IREN’s business model. In November 2025, the company signed a $9.7 billion AI cloud hosting agreement with Microsoft. This was followed by a deal with Nvidia in early May to deploy up to 5 gigawatts of AI data-center capacity globally.