$11 Billion and Rising: Charting the Public Miners’ Convertible Wave
Rising deal sizes and plunging coupon rates mark a new financing era for miners bridging Bitcoin and AI
Over the past two weeks, three major Bitcoin miners — TeraWulf, Bitfarms, and IREN — have announced or closed a combined $2.5 billion in convertible bond offerings, underscoring the strongest capital-raising streak the sector has seen in years. TeraWulf alone upsized its planned issuance from $500 million to $900 million this week following institutional demand, while Bitfarms and IREN each completed over half-billion-dollar rounds carrying coupon rates as low as 1.375% and 0%.
These latest financings bring total convertible-bond proceeds among public miners to more than $11 billion in just over a year. According to TheMinerMag’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, 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.
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