Bitcoin mining company IREN has announced plans to issue $875 million in convertible senior notes, with an expected settlement date of October 14, 2025. The offering includes an additional $125 million over-allotment option for underwriters. The notes, maturing on July 1, 2031, have an initial conversion price of $85.63 per share, with a capped call transaction up to $120.18 per share. IREN anticipates net proceeds of approximately $856.5 million, allocating around $49.6 million for the capped call costs, with the remainder for general corporate purposes and working capital.