Bitcoin mining company IREN secures $2.3 billion in financing during a surge, completing debt restructuring

Bitcoin mining company IREN took advantage of the market rally and announced the completion of a significant financing plan. The company issued new convertible bonds totaling $2.3 billion, while simultaneously restructuring existing debt by repurchasing $544 million of prior convertible bonds, achieving a comprehensive overhaul of its balance sheet.

The bond structure of this financing is quite distinctive. The new convertible bonds are divided into two tranches: the first tranche amounts to $1 billion, maturing in 2032, with a coupon rate of 0.25%; the second tranche also amounts to $1 billion, maturing in 2033, with a coupon rate of 1%. The company also activated a $300 million over-allotment option to further enhance financing flexibility.

After debt adjustments, IREN has approximately $2.27 billion in net proceeds. During the current Bitcoin rally, this capital will be fully invested in expanding mining operations and building data center infrastructure, while also supporting daily operational working capital. This financing rhythm and capital allocation fully reflect the miner’s production expansion drive during the market uptrend.

The low coupon rate design of the new bonds (as low as 0.25%) demonstrates market optimism about the miner’s prospects and also reduces IREN’s financing costs. Through structured debt management, the company has smoothly transitioned into the next growth phase.