IREN is trading -6.5% lower at $49.50 as the stock extends a selloff tied to its large convertible notes offering and a weaker crypto backdrop.
- The move tracks a broader decline in digital assets, with Bitcoin down 2.67% and Ethereum down 4.12% since the last close, pressuring crypto-linked equities.
- Shares remain highly volatile following a sharp 9.35% decline on May 15, with investors weighing the dilution risk associated with the company's financing plan.