US Stock Market Move | IREN Ltd (IREN.US) fell more than 6.4% today, but the cumulative increase so far this year still exceeds 490%.

On Wednesday, IREN Ltd (IREN.US) saw its stock price drop, with the stock falling more than 6.4% to $57.7 per share at the time of writing. On the news front, the company announced its intention to conduct a private placement of $875 million of 2031 convertible senior notes to qualified institutional buyers based on market and other conditions. IREN Ltd is primarily engaged in businesses related to data centers and cryptocurrency mining. The company operates renewable energy-driven data center infrastructure with integrated architecture including power, cooling facilities, hardware deployment, etc. The stock price has skyrocketed this year, with a cumulative increase of over 490% year-to-date.