Bitcoin Mining Firm IREN Aims for $450M Growth Fund via Convertible Notes

IREN, a Nasdaq-listed company specializing in Bitcoin mining and AI infrastructure (formerly Iris Energy), has unveiled plans to raise $450 million through a private convertible senior note offering targeting qualified institutional buyers. The offering includes a 13-day option to expand by an additional $50 million, highlighting the firm's ambitious expansion strategy in the cryptocurrency and artificial intelligence sectors. Convertible notes provide IREN with a cost-effective financing method, allowing investors to convert debt into equity at a later date, which could further bolster its market position. This move signals strong confidence in the long-term growth of Bitcoin and AI infrastructure, aligning with the broader bullish sentiment in the digital asset space. As of June 2025, IREN's aggressive fundraising approach underscores its commitment to scaling operations and capitalizing on emerging opportunities in the crypto ecosystem.

IREN Targets $450M Growth Fund Through Convertible Note Offering

IREN, the Nasdaq-listed Bitcoin mining and AI infrastructure firm formerly known as Iris Energy, announced a $450 million private convertible senior note offering aimed at qualified institutional buyers. The deal includes a 13-day window to potentially expand the offering by an additional $50 million, underscoring the company's aggressive growth strategy in the crypto and AI sectors.

Convertible notes offer IREN a lower-cost financing alternative to traditional debt, with the added flexibility of equity conversion. To address shareholder dilution concerns, the company plans to allocate part of the proceeds to capped call transactions—a hedging mechanism designed to limit equity issuance upon conversion.

The move reflects a broader trend of crypto-native companies leveraging debt markets to fund expansion. IREN's dual focus on bitcoin mining and AI infrastructure positions it at the intersection of two high-growth industries, though the financing structure introduces nuanced risks for investors weighing potential dilution against growth prospects.

Bitcoin Faces Resistance Near $110k Amid U.S.-China Trade Developments

Bitcoin's price has stalled below $110,300 for three consecutive days, with a 1% drop to $108,728 as U.S.-China tariff negotiations triggered a 'sell-the-news' reaction. The cooling U.S. CPI data and impending PPI release on Thursday add to market uncertainty ahead of next week's FOMC meeting.

Spot Bitcoin ETF flows remain a critical demand driver, though short-term volatility persists. Traders now watch whether BTC can overcome resistance at $112,000 or retreat toward $105,500 support.

GameStop Seeks $1.75 Billion for Potential Bitcoin Treasury Expansion

GameStop (GME), the video game retailer turned meme stock phenomenon, has announced a $1.75 billion convertible senior note offering. The proceeds are earmarked for investments aligned with the company's recently adopted policy of holding Bitcoin as a treasury reserve asset.

The MOVE follows GameStop's March disclosure of its Bitcoin strategy and a subsequent $1.3 billion raise in April. The company has already allocated approximately $500 million to acquire 4,710 BTC in May. Today's offering includes an option for purchasers to buy an additional $250 million in notes within two weeks.

Market reaction was immediately negative, with GME shares dropping 10% in after-hours trading. The notes carry no regular interest and mature in June 2032, unless converted or repurchased earlier. The offering is limited to qualified institutional buyers.

BlackRock Bitcoin ETF Sees Unprecedented Growth as Institutional Interest Builds

BlackRock's iShares Bitcoin Trust (IBIT) has surged to $70 billion in assets under management in just 341 days, marking what Bloomberg ETF analyst Eric Balchunas calls "unlike anything we've seen." The previous record-holder, GLDY, took over four years to achieve similar milestones.

Robert Mitchnick, BlackRock's Head of Digital Assets, describes institutional participation as "very early," noting that while retail investors led initial adoption, professional wealth managers are now beginning to approve bitcoin ETF exposure. "From retail investors to ultra-high-net-worth individuals, and now financial advisors and institutions, the momentum is building," Mitchnick told Bloomberg's ETF IQ.

The asset manager views IBIT's success as merely the opening chapter in what could become a multi-year institutional adoption cycle. Many large firms remain in due diligence phases, suggesting the current inflows represent just the vanguard of institutional capital.

GameStop Plans $1.75 Billion Raise Amid Bitcoin Holdings and Stock Decline

GameStop announced plans to offer $1.75 billion in convertible senior notes, maturing in 2032, without specifying interest terms. The move follows its recent acquisition of 4,710 Bitcoin, though the company did not confirm whether the raised funds would further bolster its crypto holdings.

The retailer's stock fell 10% in after-hours trading to $25.64, extending a 9.5% decline since its Bitcoin investment disclosure in March. Proceeds from the note offering are earmarked for general corporate purposes, including potential acquisitions and investments aligned with its updated policy allowing Bitcoin as a Treasury Reserve Asset.

Alleged NYC Bitcoin Kidnappers Plead Not Guilty, Claim Accuser Was 'Laughing and Smiling'

Two men accused of kidnapping and torturing a man for his Bitcoin holdings pleaded not guilty in a New York City court on Wednesday. Defense attorneys for William Duplessie and John Woeltz challenged the credibility of the accuser, presenting video evidence allegedly showing him engaging in recreational activities during the period he claimed to be held captive.

The case represents another high-profile example of so-called 'wrench attacks' in the cryptocurrency space, where physical coercion is used to extract digital assets. Prosecutors allege the victim was bound, beaten, and electrocuted in a Manhattan townhouse until he provided access to his Bitcoin holdings.

Legal teams for the defendants painted a contradictory picture, with one attorney stating witnesses saw the accuser moving freely through New York City. The defense claims video evidence shows the alleged victim laughing, smoking crack cocaine, and participating in group sex during his purported captivity.