IREN and Kindly MD Convertible Note Deals Could Pressure Shares as Firms Eye Expanded Bitcoin Holdings

Convertible note deals by IREN and Kindly MD raised a combined $1.125 billion and triggered negative trader reactions; investors cited dilution risk and venture-capital slowdown as drivers of the post-announcement stock declines. IREN: $875M convertible senior notes; after-hours share drop Kindly MD: $250M 5‑year convertible note with Antalpha; Bitcoin treasury expansion planned Market context: Galaxy Research reported a 59% quarter‑over‑quarter decline in VC funding and a 15% fall in deal count Convertible note deals: IREN and Kindly MD raises spooked traders — read the concise update and market ￰0￱ COINOTAG for more. , IREN and Kindly MD raised significant capital through convertible note deals, prompting negative trader responses after each announcement amid a slowdown in crypto venture ￰1￱ in Bitcoin miner IREN and treasury company Kindly MD closed lower after both companies revealed multimillion‑dollar convertible note deals on ￰2￱ moved sharply in after‑hours sessions as investors processed dilution risk and market ￰3￱ (ticker: IREN) reported an $875 million convertible senior note ￰4￱ stock initially closed the regular session up 6.81% but fell 4.9% in after‑hours trading to $58.66 following details of the ￰5￱ MD (ticker: NAKA), which merged with David Bailey’s Bitcoin firm Nakamoto, announced participation in a $250 million five‑year convertible note provided by fintech firm ￰6￱ stock slipped 0.97% during the day and declined a further 2.83% to $0.99 in after‑hours ￰7￱ MD shares fell amid its $250 million convertible note deal.) +6.81% -4.9% (to $58.66) Kindly MD (NAKA) $250M 5‑year convertible note with Antalpha -0.97% -2.83% (to $0.99) Frequently Asked Questions Will convertible note deals always cause share price drops?

Not ￰8￱ reactions depend on deal size, conversion price, investor expectations, and whether measures like capped calls are used to limit ￰9￱ context, such as a slowdown in VC funding, can exacerbate negative ￰10￱ do capped call transactions work? Capped calls are derivative positions companies buy to offset share dilution if notes ￰11￱ set a price cap, reducing the effective number of new shares needed upon conversion and protecting existing shareholders to some ￰12￱ should investors watch next for these companies? Watch official filings for conversion terms, timing of interim loans, updates on Bitcoin holdings for Kindly MD, and any follow‑on financing that could affect capital structure or ￰13￱ Takeaways Deal sizes matter : IREN’s $875M and Kindly MD’s $250M facilities represent material capital raises that can influence share ￰14￱ concern is predictable : Dilution risk and macro funding weakness drove negative after‑hours ￰15￱ use of proceeds : Kindly MD aims to expand its Bitcoin treasury; IREN prioritized corporate purposes and capped calls to limit ￰16￱ Convertible note deals announced by IREN and Kindly MD raised a combined $1.125 billion and prompted selloffs as markets weighed dilution risk and a broader venture‑capital ￰17￱ official company filings and disclosed conversion terms for the clearest signals on shareholder ￰18￱ will update as filings and market reactions evolve.