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IREN Secures $3B for AI Push, Shares Dip
Description
IREN, a Bitcoin miner, secures a massive $3 billion convertible notes deal to fund its AI infrastructure expansion. Initially aiming for $2 billion, investor demand boosted the amount to nearly $3 billion. The 1% notes offer a 32.5% conversion premium, setting an initial price at $73 per share. This funding supports IRENs AI growth, including a $3.4 billion cloud deal with Nvidia and $3.5 billion in GPUs from Dell. Despite a slight pre-market dip, the move signifies miners commitment to the next big compute wave.
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