IREN cleans balance sheet. Will it stay the course or mix bare metal with REIT?

The new convertible issuance is not just preparation for major investments, it also raises the question of which strategic path IREN will choose next.

IREN is removing a 30% dilution risk. The latest SEC filing confirms 288.6M shares outstanding, while the 2029 + 2030 converts represent up to 86.4M shares of potential dilution, more than 30% of the entire float. These notes were issued in 2024–2025 with coupons of 3.5% (2029) and 3.25% (2030), which is expensive capital for an AI-infrastructure compan…