Ethereum

    IREN’s $625 million AI bet creates a $476 million stock overhang

    行政By No Comments3 Mins Read

    Bitcoin miner IREN registered nearly 12 million shares issued in its acquisition of Mirantis for potential resale, creating a block worth about $476 million that could add selling pressure to its stock.

    The company agreed in May to acquire Mirantis in a transaction valued at approximately $625 million at signing, largely through a fixed number of 13.7 million IREN shares.

    However, the deal closed Aug. 3 with IREN issuing 12.6 million shares alongside about $40 million in cash, restricted stock units and other consideration.

    One day later, IREN filed a prospectus covering 11.9 million of those shares held by former Mirantis investors, directors, officers and employees. The block was worth about $476.3 million at IREN’s Aug. 3 closing price of $39.75. IREN registers nearly 12 million Mirantis shares, creating a potential $476 million resale blockIREN registers nearly 12 million Mirantis shares, creating a potential $476 million resale block

    The registration allows these new holders to sell all or part of their stock through public or private transactions. IREN will receive no proceeds because the shares already belong to the former Mirantis holders.

    The filing does not indicate that any holder has sold or intends to sell. However, it removes a restriction on nearly 95% of the shares issued at closing, creating a potential overhang if a meaningful portion reaches the market.

    Wall Street is paying up for Bitcoin miners’ AI infrastructure before most of it is builtWall Street is paying up for Bitcoin miners’ AI infrastructure before most of it is built
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    IREN shares were down about 3% to $39.76 as of the end of the market closing on Wednesday. The filing does not establish that the potential resale block caused the decline.

    Mirantis completes IREN’s three-layer AI stack

    IREN accepted the additional shares because Mirantis fills what the company describes as the third layer of its vertically integrated AI platform.

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