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Convertible

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GameFi Guides

Rally Cools on $850M Convertible Note Sale After Google Deal

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TeraWulf’s (WULF) breakneck rally cooled on Tuesday as the firm increased its convertible note sale to $850 million and announced the pricing of the offering, aimed at funding its data center expansion.

The notes will mature in 2031 with 1% annual interest, and will be exchangeable into cash, stock or both at TeraWulf’s election, the company said in a Monday press release. Initial conversion price is set at $12.43 per share, representing a 32.5% premium to last week’s close.

Net proceeds are estimated at $828.7 million, and are earmarked for data center expansion with $85.5 million earmarked for capped call transactions designed to limit share dilution, the firm said. Buyers have a 13-day option to add another $150 million to the deal, which is expected to close this week.

WULF fell 5% below $9, pulling back from Monday’s $10.7 high after an almost 100% rally following a Thursday deal with AI cloud platform Fluidstack, which is backed by tech giant Google.

Under a 10-year hosting agreement, FluidStack will expand operations at TeraWulf’s Lake Mariner campus in New York, backed by Google’s $1.4 billion increase to its debt support for the project. Google now holds warrants representing a 14% equity stake in the company.

Read more: TeraWulf Adds Another 10% as Google Lifts Stake



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IREN's $550m convertible offering, Hypernative's $40m raise
GameFi Guides

IREN’s $550m convertible offering, Hypernative’s $40m raise

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Crypto funding surged to nearly $709 million during the week of June 8-14, 2025, with a massive $550 million private placement by IREN leading the charge.

Venture capital activity remained robust across the sector, particularly in infrastructure, with funding rounds spanning from pre-seed to Series B.

Startups like Hypernative, Yupp, Turnkey, and OneBalance also drew substantial investments, reflecting sustained investor confidence in crypto infrastructure and application-layer innovation despite broader market volatility.

Here’s what we tracked, using data from Cryptofundraising:

IREN (ex Iris Energy)

  • Raised $550 million through private placement of convertible senior notes
  • IREN has raised $863 million so far

$IREN is pleased to announce the closing of its upsized $550m convertible notes offering.

Key details of the transaction:

– Oversubscribed and upsized from $450m to $500m, plus $50m greenshoe

– Net proceeds of approximately $534.9m

– 3.50% coupon, 30% conversion premium

– No… pic.twitter.com/kb6fTQPGfM

— IREN (@IREN_Ltd) June 13, 2025

Hypernative

  • Secured $40 million in a Series B round
  • The investment was backed by TenEleven, Ballistic Ventures, and Stepstone
  • Hypernative has raised $65 million so far

Yupp

  • Yupp raised $33 million in a Seed round
  • Investors include a16z crypto, Coinbase Ventures, and Kunal Shah

Turnkey

  • Gathered $30 million in a Series B round
  • The investment was backed by Bain Capital Crypto, Sequoia, and Lightspeed Faction
  • Turnkey has raised $52.5 million so far

Noah

  • Noah raised $22 million in a Seed round
  • Investors include LocalGlobe, Felix Capital, and FJ Labs

OneBalance

  • Secured $20 million in a Series A round
  • Backed by Cyber Fund, Blockchain Capital, and Mirana Ventures
  • OneBalance has raised $25 million so far

Projects < $11 Million





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NFT Gaming

Bitcoin Treasury Firm GameStop Boosts Convertible Bond Offering to $2.25 Billion

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In brief

  • GameStop upsized its latest offering of convertible senior notes to $2.25 billion from $1.75 billion.
  • Although GameStop shares held ground on Friday, they fell 24% throughout the week.
  • GameStop purchased 4,710 Bitcoin last month.

GameStop upsized its latest offering of convertible senior notes to $2.25 billion from $1.75 billion, the video game retailer said in a press release published late on Thursday.

Shares dropped earlier this week after the Grapevine, Texas-based firm said that it would offer investors more convertible bonds, following a similar, $1.5 billion raise in April.

Although GameStop shares held ground on Friday, they fell 24% throughout the week, closing at $22.14, according to Yahoo Finance. Shares changed hands around $28.36 when GameStop said that it had the ability to start buying Bitcoin in late March.

The company’s latest batch of convertible bonds, which will bear no interest, will have a conversion price of approximately $28.91 per share, which may change “in some events,” GameStop said in the press release on Thursday. That represented a 32.5% premium compared to the company’s average stock price on Thursday afternoon Eastern Time, it added.



Companies like Strategy, MicroStrategy, have been able to grow the amount of Bitcoin they own per share—that’s the company’s stated aim for maximizing shareholder value—by raising funds at a premium relative to their Bitcoin holdings and shoveling that cash into the asset.

With GameStop, whether the company will make another Bitcoin purchase is less clear. GameStop purchased 4,710 Bitcoin last month, but in a recent interview, company CEO Ryan Cohen said that the company will not telegraph future purchases and isn’t following any other firm that’s buying the leading cryptocurrency by market value.

In the press release, GameStop reiterated that proceeds from the offering will be used for  “general corporate purposes, including making investments in a manner consistent with GameStop’s Investment Policy and potential acquisitions.”

The brick-and-mortar retailer tried to expand beyond selling video games and consoles years ago by launching an NFT marketplace, which was shuttered early last year. At the company’s annual shareholder meeting, Cohen recently said that GameStop would embrace trading cards, which made up 29% of first-quarter sales, per Fortune.

“We’re focusing on trading cards as a natural extension of our existing business,” he said. “The trading card market, whether it’s sports, Pokémon or collectibles, is aligned with our heritage.”

Edited by James Rubin

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