IREN's bold $500M move and HPC Outlook, Bitdeer Production & Soluna News!

Anthony Power and I break down Iron's recently announced $500M convertible note, exploring whether this signals standard financing or preparation for a major HPC/AI contract announcement.

• Iren secures $500M convertible note at 3.5% interest due in 2029
• CEO Dan Roberts previously stated they need $250M to complete 50 exahash mining capacity, Horizon One, and Sweetwater prep work
• Capped call transactions at $20.98 will help protect against share dilution
• Dan Roberts is "highly confident" they'll contract a client for Horizon One before completion in Q4
• Bitcoin miners with AI/HPC strategies (Iren +35%, Core Scientific +27%) significantly outperforming pure-play miners in the last month
• Only 4 gigawatts of power currently support AI in North America, with demand at 44 gigawatts
• Bitdeer increased Bitcoin production by 18% in May compared to April
• Bitdeer continues developing their SealMiner series, with the A3 achieving 9.7 joules per terahash and A4 targeting 5 joules per terahash
• Soluna Holdings launches Project KD1 with $20M in new funding from Spring Lane Capital

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