Bitcoin miner Iren (IREN) plans to raise as much as $2.3 billion through a convertible note sale to refinance existing debt as the hashprice falls to a five-year low, hitting revenue.

The company, which also offers processing power for training AI models, is looking to issue $1 billion of convertible senior notes due 2032 and $1 billion due 2033 in a private placement to institutional buyers. Purchasers may take an additional $150 million of each series, the company said. It also plans to sell shares to fund the planned repurchase of some outstanding 2029 and 2030 convertible notes.

The company's shares fell 5% to about $45 in Tuesday trading and are more than 40% below their November peak. The drop likely reflects delta hedging from banks involved in the deal, a short-term dynamic also seen when other miners issue convertibles.

Hashprice measures the expected daily value of one terahash per second of computing power. It reflects how much revenue a miner can expect from a specific amount of hashrate and rises with bitcoin’s price and fee volume, and falls as mining difficulty increases. It dropped to a five-year low last month.

Final terms of the debt sale including coupon and conversion premium will be set at pricing. The structure mirrors the company's zero-coupon convertible issued in October, suggesting it is again targeting lower-cost financing relative to the 3.25% and 3.50% coupons on the notes it aims to retire. Capped call transactions are planned to limit dilution, according to the announcement.