Cryptocurrency stocks IREN, NAKA face difficulties amid convertible bond transactions.

2025-10-08 08:55:46

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The stocks of IREN and Kindly MD fell after the two companies announced hundreds of millions of USD convertible bond deals amid a decreasing flow of cryptocurrency investment. IREN issued 875 million USD in senior convertible bonds, causing the stock to drop 4.9% after trading hours to 58.66 USD. Kindly MD (NAKA) signed a 250 million USD 5-year bond agreement with Antalpha, and the stock fell an additional 2.83% to 0.99 USD.

According to Galaxy Research, investment in digital assets in the last quarter fell by 59%, and the number of transactions decreased by 15%. IREN plans to use the raised capital for corporate purposes and to limit share dilution. Kindly MD will use the funds to purchase additional Bitcoin, refinance a $203 million loan secured by Bitcoin, and receive a temporary loan from Antalpha. CEO David Bailey stated that this is the “first step in the strategy to expand the Bitcoin ecosystem.”

BTC-3.12%

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