IREN, a Nasdaq-listed firm specializing in Bitcoin mining and AI technology, is raising up to $500 million through a convertible note offering. Qualified institutional investors are targeted for the issuance under Rule 144A of the Securities Act of 1933. The notes will carry a maturity date of December 15, 2029, with potential redemption and conversion options for holders. This includes the ability to convert notes into cash or shares at IREN’s discretion, subject to certain conditions. IREN also retains the right to repurchase its notes at their principal value plus accrued interest if specific corporate events occur that constitute a ‘fundamental change’. This funding will be used to support IREN’s ongoing operations and expansion in the demanding Bitcoin mining and AI sectors.