Bitcoin Miner IREN Closes $3 Billion Convertible Notes Offering to Fuel AI Transformation

Decrypt Agent

Fri, May 15, 2026 astatine 12:28 PM CDT 2 min read

Bitcoin mining steadfast IREN Limited said Thursday that it closed a $3 cardinal convertible elder notes offering, securing superior to accelerate its translation from cryptocurrency mining to AI infrastructure services.

The convertible notes transportation a 1% yearly coupon and mature successful 2033, with a conversion premium of 32.5% supra IREN's stock price. The notes were sold privately to qualified organization buyers nether Rule 144A, generating nett proceeds of $2.96 cardinal aft fees and expenses.

The institution allocated $201.3 cardinal from the proceeds to money capped telephone transactions with a headdress terms of $110.30 per share—representing a 100% premium implicit the $55.15 stock terms recorded connected May 11. The capped telephone operation is designed to trim imaginable dilution from enactment conversions portion providing upside information for existing shareholders.

The superior rise follows a accelerated succession of AI agreements that person reshaped IREN's concern model. In November 2025, the institution signed a $9.7 cardinal AI unreality hosting statement with Microsoft. This was followed by a woody with Nvidia successful aboriginal May to deploy up to 5 gigawatts of AI data-center capableness globally.

The Nvidia woody includes a $3.4 cardinal five-year AI unreality declaration for air-cooled Blackwell GPUs, and a five-year warrant for up to 30 cardinal IREN shares astatine $70 each. Days aft announcing the Nvidia partnership, IREN completed a $625 cardinal all-stock acquisition of bundle services supplier Mirantis.

IREN banal is down much than 8% truthful acold Friday amid a broader crypto banal swoon, precocious trading hands astatine $53.55. Shares are up much than 9% implicit the past month, and 15% successful the past six months, per Yahoo Finance data.

Bitcoin Miner IREN Secures $3.4 Billion Nvidia AI Deal, With $2.1 Billion Share Option

Major Bitcoin mining firms person broadly embraced the increasing request for AI compute, with galore signing multi-billion-dollar deals—and some, similar Keel Infrastructure (formerly Bitfarms) completely shuttering their mining businesses successful favour of serving AI and high-performance computing (HPC) needs.

In precocious April, analysts astatine concern slope Bernstein said that they expect IREN to afloat bow retired of Bitcoin mining by the twelvemonth 2030, gradually cutting its mining absorption successful the coming years arsenic it repurposes its hardware for AI and HPC purposes.