Bitcoin Miners Raise Billions in Debt and Convertible-Note Financings Amid AI Pivot

Deal Summary

Public bitcoin miners collectively raised billions through debt and convertible-note offerings to fund pivots into AI/HPC, highlighted by TerraWulf's $3.2B senior secured note placement, IREN's $1B convertible bond and Bitfarms' $300M convertible note; several other miners also issued debt in late 2024–2025.