Bitcoin miner IREN slips after unveiling $450 mln convertible debt deal

Shares of IREN IREN.O down 4.2% after hours to $10.05 as co seeks capital raise

Australia-based bitcoin miner announces offering of $450 mln convertible notes due Dec 2029 (4.5 year tenor)

Co plans to use portion of net proceeds to pay for capped calls, derivative transactions to offset dilution, remainder for general purposes and working capital

IREN has current market cap of about $2.4 bln, per LSEG

IREN stock on Tues closed up 1.5% at $10.49

In 2025, stock has traded as high as $13.63 (Jan 24) and as low as $5.13 (Apr 9)

11 of 12 analysts covering IREN rate stock "strong buy" or "buy", 1 has "hold" and median PT is $20.88, latest LSEG data reflects