Why Is IREN Stock Rising Today?

• IREN is expected to sell nearly 40 million ordinary shares at $41.12 each.
• IREN also plans to repurchase about $227.7 million of its 2030 notes and roughly $316.6 million of its 2029 notes.

Shares of IREN (IREN) climbed more than 4% on Wednesday after the company struck a deal to repurchase debt.

The company unveiled plans to raise more than $1.6 billion through an offering of new shares while simultaneously repurchasing a significant portion of its existing debt. The company is expected to sell nearly 40 million ordinary shares at $41.12 each.

IREN has also entered into private agreements to repurchase a large number of outstanding convertible senior notes. The company plans to repurchase about $227.7 million of its 2030 notes and roughly $316.6 million of its 2029 notes. Once completed, this will reduce IREN’s debt.

Notably, CNBC's Mad Money Host, Jim Cramer, expressed skepticism on the stock in his post on X.

Pricing Of $2 Billion Convertible Notes

Separately, IREN also priced a private offering of $2 billion in new convertible notes, with $1 billion due in 2032 and another $1 billion due in 2033.

The company plans to use the combined proceeds to pay for capped call transactions tied to the new notes, repurchase the older convertible notes, and support general corporate needs and working capital. Capped calls are designed to limit dilution if the notes are converted into shares.

How Did Stocktwits Users React?

IREN was also among the top-trending stocks on Stocktwits at the time of writing. Retail sentiment flipped to ‘bullish’ from ‘bearish’ a day earlier, accompanied by ‘high’ message volumes.

One user expects the stock to close at $45. 

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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