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💰 IREN Shares Dip After $875M Convertible Note Offering
Pulse of the market
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Bitcoin mining firm IREN (IREN) closed up 6.81% Tuesday before sliding 4.9% in after-hours trading to $58.66, after announcing an $875 million convertible senior note deal.
The company plans to use proceeds for general corporate purposes and capped call transactions to reduce share dilution risk. Still, investors reacted cautiously, wary of potential dilution from the new debt issuance.
