These latest financings bring total convertible-bond proceeds among public miners to more than $11 billion in just over a year. According to TheEnergyMag’s compilation of SEC filings, at least 18 convertible deals have been completed since mid-2024 after the Halving.
The trend shows a clear shift in market dynamics: offering sizes have expanded sharply, with several miners—including MARA (NASDAQ: MARA), Cipher Mining, IREN, and TeraWulf—each securing around $1 billion in a single issuance. By contrast, most deals struck a year ago were in the $200–$400 million range.
The surge reflects how miners are capitalizing on renewed investor appetite for Bitcoin-linked equities and the broader AI-infrastructure trade. Convertible debt has emerged as the preferred instrument for firms seeking to fund both treasury accumulation and large-scale data-center buildouts aimed at high-performance computing and GPU hosting.
At the same time, borrowing costs have dropped significantly. Coupon rates that averaged above 2% in 2024 have compressed toward zero in 2025. Marathon, Cipher, and IREN have all priced recent notes with a 0% coupon, signaling that institutional investors are prioritizing upside exposure to the equity conversion option over fixed interest income.
The decline in coupon rates reflects both improving market sentiment and a re-rating of miners’ equity linked to the AI data-center pivot. With several companies now repurposing or expanding their power-intensive infrastructure for GPU hosting and HPC workloads, convertible bonds have become a preferred vehicle for investors to capture optionality across two fast-growing themes: Bitcoin accumulation and AI infrastructure.
The largest recent offerings apart from Terawulf’s $900 million 0% notes include Cipher’s $1.1 billion zero-coupon notes due 2031 and IREN’s $1 billion zero-coupon notes maturing the same year. MARA has completed four separate offerings over the period, totaling more than $3 billion.
In this market, it’s go big or go home.
Hardware and Infrastructure News
- TeraWulf Expands AI Infrastructure With $9.5 Billion Fluidstack Joint Venture Backed by Google – TheEnergyMag
- Canaan (NASDAQ: CAN) Launches A16 Series Bitcoin Miner With 12.8 J/TH Efficiency – TheEnergyMag
- CleanSpark (NASDAQ: CLSK) Acquires Land and Power in Texas for AI Data Center Push Beyond Bitcoin – TheEnergyMag
- Indiana Police Recover Stolen Bitcoin Mining Rigs—And $75K Worth of Frozen Turkeys – Decrypt
- HIVE Surpasses 22 EH/s and Accelerates Conversion from Tier-1 to Tier-3 Data Centers for AI Cloud Expansion in Sweden – Link
Corporate News
Financial News
- Cipher, Bitfarms Lead Bitcoin Miners Rally After Jane Street Discloses Stakes – TheEnergyMag
- TeraWulf Plans $500M Convertible Notes Following AI Expansion with Fluidstack – TheEnergyMag
Feature
- ‘And Then You Win’ Book Tells The Secrets Of Bitfury’s Bitcoin Empire – Forbes
