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I find the maneuver by IREN to be sensible: The company is exchanging extremely "cheap" dilution (old convertible bonds with a strike price of 13–17 USD) for long-term, low-interest convertibles with significantly higher conversion prices and is adding Capped Calls, which specifically limit dilution – economically, a large portion of the potential shares from the new 2032/2033 convertibles will be "captured" by these options at around 80+ USD, so actual dilution will only fully impact at much higher prices. At the same time, they are securing...
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