$IREN (+1,15%) was added to the Dans IVES AI 30 list as the winner of the NeoCloud.
Now we come to the exciting part:
Irish needs capital to equip Childress with GPUs and prepare everything for the deal for Microsoft and for this they need money.
What has Iren done now?
First of all, they bought back the former Convertible Note completely. Why? Because it is debt, and Iren does not want these convertible notes to be converted into equity in the long term, so they would rather buy them back earlier than have holders exchange their convertibles at a price of e.g. $100 for shares at a price of $20.
But, they don't want to lose cash/ and need cash for the deal so there is a new convertible (2 billion USD) with a maturity until 2032/33, this gives more room to maneuver.
And shows that management expects strong growth in the near future otherwise this shift would not make sense.
I could also imagine a Google deal, which was ruled out for a long time by $GOOGL (-0,35%) Due to a lack of capacity and the $MSFT (-0,56%) I could imagine a change.
