IREN priced $1 billion of 0.25% convertible senior notes due 2032 and another $1 billion of 1.00% convertible senior notes due 2033, each carrying a 25% conversion premium. The company said settlement is scheduled for Dec. 8, pending typical closing conditions. IREN is the largest publicly traded bitcoin miner by market cap with a valuation of $11.65 billion on Wednesday.

The Nasdaq listed firm also entered capped-call transactions tied to both note series, offering a hedge up to a $82.24 cap price—double the last reported $41.12 share price on Dec. 2. Those optional hedges don’t eliminate dilution entirely, but they soften the blow unless the stock shoots far beyond the cap.

Alongside the bonds, IREN priced a direct placement of 39.7 million ordinary shares at $41.12 each, raising funds designed to cover its repurchase of outstanding 2029 and 2030 convertible notes. The firm reached privately negotiated agreements to buy back roughly $544.3 million in principal from those earlier notes at a combined repurchase cost of about $1.63 billion.

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If completed, the move will retire a sizable chunk of IREN’s older, higher-coupon convertible debt—and the company signaled it may repurchase more after the new offering closes. Trading activity tied to these repurchase hedges may continue to influence IREN’s share price as involved institutions adjust positions.

IREN estimates net proceeds of roughly $1.97 billion from the new notes, or up to $2.27 billion if additional purchase options are exercised. The funds, paired with the equity raise, will cover capped-call costs, repurchases of older notes, and general corporate needs.

But nothing is locked to anything else: the note sale, equity raise, and repurchase agreements are all independent transactions, and each may close—or not—on its own.

• What is IREN raising money for?
  To fund new capped-call transactions, repay older convertible notes, and support general corporate needs.
• How much does IREN plan to raise?
  More than $2 billion from new convertible bonds and a direct equity sale.
• Why is IREN repurchasing existing convertible notes?
  To reduce portions of its outstanding 2029 and 2030 convertible debt.
• When do the new notes mature?
  The 2032 notes mature June 1, 2032, and the 2033 notes mature June 1, 2033.

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