Why Iren Stock Plummeted Today

Nobody likes a big pile of debt, and that holds doubly true for investors concerned about the balance sheets of their investments.On Tuesday, cryptocurrency miner and data center operator Iren (NASDAQ: IREN) drew the market's ire by announcing a sizable issuance of new debt and an accompanying share offering. That led to a sell-off that lowered the company's share price by more than 15% that day. Just after market close on Monday, Iren divulged that it aims to float $2 billion worth of convertible, unsecured senior notes. This will be offered in two equal-sized tranches of $1 billion each.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool