Curated crypto market digest including Coinbase's $20M HYPE stake, THORChain exploit losses exceeding $10M, IREN's $3B convertible offering, and Gemini's $100M strategic investment from Winklevoss Capital.
Security & Exploits ·
IREN Limited closed a $3 billion convertible senior notes offering to fund expansion into AI infrastructure services, according to reporting on the capital raise. The notes carry a 1% annual coupon, mature in 2033, and convert at a 32.5% premium above IREN's share price. Net proceeds totaled $2.96 billion after fees, with $201.3 million allocated to capped call transactions designed to limit shareholder dilution from conversions.
The offering underscores IREN's pivot away from Bitcoin mining toward AI compute services. Earlier in May, the company signed a $3.4 billion five-year agreement with Nvidia for air-cooled Blackwell GPU capacity, along with warrants for up to 30 million IREN shares. In November 2025, IREN had closed a $9.7 billion AI cloud hosting deal with Microsoft. The company also completed a $625 million all-stock acquisition of software provider Mirantis in the days following its Nvidia announcement.
Stock trading reflected mixed sentiment: shares fell more than 8% on Friday as part of a broader crypto sell-off but remain up 9% over the prior month. Analysts at Bernstein expect IREN to fully exit Bitcoin mining by 2030, gradually repurposing hardware for AI and high-performance computing workloads. Whether this capital will suffice to fund all planned infrastructure expansion remains open.