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an optional allotment.The unsecured notes will pay semiannual interest and can be converted into IREN’s ordinary shares under certain conditions. The company has the option to redeem the notes starting in mid-2028 if its stock trades at 30% above the conversion price for a set period.IREN said it intends to use the proceeds for a pair of financial strategies meant to offset potential equity dilution and market risk. These are capped call transactions and a prepaid forward share repurchase.These hedges are designed to reduce the impact of future note conversions and may support the company’s share price by limiting the number of new shares issued.“If, however, the market price per ordinary share of IREN, as measured under the terms of the capped call transactions, exceeds the cap price of the capped call transactions, there would nevertheless be dilution and/or there would not be an offset of such potential cash payments,” the firm wrote.Earlier this year, IREN called off its bitcoin mining expansion to favor AI data centers. 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