IREN shares jump after successful capital raise

Shares of IREN (NASDAQ:IREN) jumped as much as 9.6%, reaching $14.17 early Wednesday, marking a nearly five-month high, after the Australia-based bitcoin miner raised more capital than initially targeted.

The company, which rebranded from Iris Energy in February, announced the pricing of $400 million in 3.25% convertible bonds (CBs) due June 2030, up from an initial $300 million offering.

The bonds have a 5.5-year tenor and an initial conversion price of $16.81, representing a 30% premium to the stock's last closing price.

IREN plans to use approximately $40 million of the net proceeds for capped calls, $76 million for prepaid forward share repurchases, and the remainder for general corporate purposes.

On Monday, IREN also revealed a 33% increase in its self-mining capacity, now at 28 EH/s, with plans to expand further to 50 EH/s and 810 megawatts of data centers by the first half of 2025, ahead of its previous target for the second half.

The company’s market cap stands at approximately $2.6 billion.

The stock has surged nearly 60% since the November 5 U.S. presidential election, driven by rising bitcoin prices and growing optimism about a favorable regulatory environment for cryptocurrencies under a potential Trump administration.