Cramer Groans Over IREN’s Convert — But Is This Dilution Actually A Power Play?

IREN Ltd (NASDAQ:IREN) didn’t just announce another capital raise — it pulled the pin on a bold balance-sheet transformation that could redefine its trajectory in the AI infrastructure arms race.

The company priced a 39.7 million share offering at $41.12 to raise roughly $1.63 billion, and instead of hoarding cash, it’s using that capital to wipe out more than half a billion dollars of convertible debt with low conversion triggers.

Call it dilution if you want, but this is dilution with purpose.

• Track IREN stock here.

On X, Jim Cramer summed up the knee-jerk reaction with a sarcastic jab: “Oh great, Iren launches a convert. Just what we needed.” The groan was predictable. What’s less predictable …

Full story available on Benzinga.com