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 s ...