IREN is back in the spotlight. The Bitcoin miner’s stock surged 7% Wednesday after the company announced plans to raise $3.6 billion through a combination of share sales and convertible debt offerings, aiming to expand computing infrastructure to meet booming AI demand.
Shares hit a high of $44.25 before settling at $43.96, reversing a 15% drop from Tuesday following the initial fundraising announcement. The offering includes a $2 billion convertible note and a $1.63 billion share sale, with proceeds earmarked to repurchase parts of the convertible notes, a move designed to protect existing shareholders from dilution.
IREN is part of a broader trend: public miners are increasingly taking on debt to pivot toward AI workloads. The Miner Mag reports that 15 public miners raised $4.6B in Q4 2024, another $200M in early 2025, and $1.5B in Q2 2025 through debt and convertible offerings.
While such deals often spook investors, IREN’s recovery reflects a larger balance sheet restructuring and strategic focus on growth. Even CNBC’s Jim Cramer advised caution, but social media users invoked the “inverse Cramer effect”, sending shares higher despite the warning.
IREN is still down from its October all-time high of $62, but the fundraising positions the company alongside other miners racing to scale capacity for both crypto mining and AI processing. A $174.8 million allocation to capped call transactions further signals a commitment to long-term shareholder confidence.
The takeaway: IREN is pivoting strategically for AI growth, leveraging fundraising to expand infrastructure while protecting shareholders—making it a key player to watch in the intersection of crypto and AI computing.
