Crypto stocks IREN, NAKA struggle amid convertible note deals

IREN and Kindly MD are raising big money through convertible notes, but traders reacted negatively following each of the companies’ multimillion-dollar deals.

Shares in Bitcoin miner IREN and treasury company Kindly MD have closed with losses on Tuesday after each announced multimillion-dollar convertible note deals amid a slowdown in venture capital activity in the crypto sector.

Shares in IREN (IREN) finished Tuesday’s trading session with a gain of 6.81% but dropped 4.9% after the bell to trade at $58.66 following the company’s announcement of an $875 million convertible senior note offering.

Healthcare company Kindly MD, which merged with David Bailey’s Bitcoin firm Nakamoto, also said on Tuesday that it opted into a $250 million 5-year convertible note deal with fintech company Antalpha, which also seemingly spooked shareholders.

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