IREN ($IREN) is accelerating a sweeping pivot away from its roots as a Bitcoin (BTC) miner, positioning itself instead as an ‘AI data center’ and GPU-hosting infrastructure provider after completing a massive convertible note offering worth roughly $2.6 billion to $3.0 billion. The financing—described as one of the largest ever tied to the crypto-mining sector—signals how aggressively the company is attempting to capture demand driven by the global buildout of AI compute.
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