IREN stock rebounds following $3.6B debt and equity fundraising move
IREN closed trading on Wednesday up nearly 7%, slightly recovering from a major drop on Tuesday after sharing plans for its latest capital raising effort.
Shares in IREN recovered on Wednesday after the Bitcoin miner said it would raise $3.6 billion through a combination of share sales and a convertible debt offering as it races to deploy computers to meet artificial intelligence demand.
IREN (IREN) jumped 7.6% to a peak of $44.25 during trading on Wednesday, and settled to $43.96 by the bell at a gain of 6.9%. It comes after IREN fell over 15% on Tuesday following its announcement that it was planning capital raising efforts.
IREN said on Wednesday that it was launching a new $2 billion convertible note offering and simultaneously conducting a share sale to raise an additional $1.63 billion.
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