IREN has now locked in $3.6 billion of fresh capital across two transactions that both priced this week. Approximately $1.6 billion came from a registered direct equity sale of 39,699,102 shares at $41.12, expected to close on Dec. 8.
In addition, $2.0 billion came from the pricing of its new convertible debt package, split between $1 billion of 0.25% notes due 2032 and $1 billion of 1% notes due 2033.

Shares fell 15% Tuesday on the announcement of the capital-raising efforts and are modestly higher in early action Wednesday following the sale's pricing. After a massive climb this year, IREN is now lower by nearly 50% since hitting a record high only one month ago.

IREN bulls may take some solace as Jim Cramer told investors to steer clear of companies announcing new financings, singling out IREN just as the miner finalized one of the largest capital raises in the mining industry. “Sell any company now that is doing a financing a la IREN,” said Cramer, warning that heavy issuance echoes late cycle patterns he associates with 1999 to 2000.

A one-time hedge fund manager turned full-time financial media presence, Cramer — some would say — has become a major contrarian signal thanks to his buy calls coming near market tops and his sell calls hitting at bottoms.

IREN's equity proceeds will fund a major repurchase of the company's deeply in-the-money convertibles. The company agreed to buy back $227.7 million of its 2030 notes and $316.6 million of its 2029 notes for a combined $1.6 billion, reflecting how far IREN’s stock has climbed above the old conversion prices of $13.64 and $16.81. Once repurchased, the notes will be extinguished and no longer convertible.

In addition, IREN will spend $174.8 million on capped call transactions that reduce dilution from the new convertibles.

The financing represents a sweeping balance sheet restructuring for the former bitcoin miner turned AI compute provider as it navigates volatile markets and mechanical hedging flows tied to the deals.