#IREN and #NAKA Shares Drop After Note Deals


Bitcoin miner IREN and healthcare firm #KindlyMD announced multimillion-dollar convertible note offerings Tuesday, triggering negative market reactions.


IREN shares finished Tuesday's session up 6.81% but dropped 4.9% after hours to $58.66 following the announcement of an $875 million convertible senior note offering. The company plans to use proceeds for general corporate purposes and working capital needs.


Kindly MD, which merged with David Bailey's $BTC firm Nakamoto, revealed a $250 million five-year convertible note deal with fintech company Antalpha. The stock fell 0.97% during trading and shed another 2.83% after hours to reach $0.99.


The note offerings come amid a slowdown in venture capital activity within the crypto sector. Galaxy Research's latest report found a 59% decline in available funding and a 15% drop in deal count compared to the previous quarter.


IREN also placed an additional $125 million of notes available for initial purchasers, all convertible into company shares. The firm intends to fund capped call transactions, which protect against excessive share creation by placing price cap limits when debt converts to stock.

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October 08, 2025 at 12:48 PM
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