Shares in Bitcoin mining firms IREN and Kindly MD experienced declines following recent announcements of significant convertible note deals, highlighting a broader slowdown in venture capital activity within the cryptocurrency sector. IREN’s stock initially rose by 6.81% but dropped by 4.9% after hours, settling at $58.66 following an $875 million convertible senior note offering. Kindly MD’s shares also experienced declines, falling by 0.97% during the day and another 2.83% in after-hours trading, closing at $0.99, following a $250 million five-year convertible note agreement with fintech company Antalpha. These announcements come amidst a concerning 59% decline in funding and a 15% reduction in deal count for the cryptocurrency sector as per Galaxy Research’s latest venture capital report. Notably, IREN will utilize part of the proceeds from its note offering for general corporate purposes and working capital, aiming to mitigate dilution risk through capped call transactions that convert notes into shares, ultimately addressing shareholder concerns. Meanwhile, Kindly MD aims to expand Bitcoin holdings in their Bitcoin Treasury and cover general corporate needs via a long-term financing agreement with Antalpha, replacing a $203 million loan from Two Prime Lending Limited. This initiative underscores the support among Bitcoin companies, promoting collaboration between players within the sector. David Bailey emphasized that this initiative marks a significant step towards strengthening the Bitcoin ecosystem.