Bitcoin miner IREN drops after $500 mln convertible debt deal priced

** Shares of IREN down 4% before the bell at $10.07 after co clinches capital raise ** Australia-based bitcoin miner announces pricing offering of $500 mln 3.50% convertible notes due Dec 2029 (4.5 year tenor) ** Offering size boosted from $450 mln ** Initial conversion price of $13.64 represents 30% premium to stock's last close ** Co plans to use $48.9 mln of net proceeds to pay for capped calls, derivative transactions to offset dilution, remainder for general purposes and working capital ** Through Tues, IREN shares up ~7% YTD. S tock in 2025 has traded as high as $13.63 (Jan 24) and as low as $5.13 (Apr 9) ** 11 of 12 analysts covering IREN rate stock "strong buy" or "buy", 1 has "hold" and median PT is $20.88, latest LSEG data reflects