Bitcoin miner Iris Energy Ltd. (IREN) has unveiled a proposed $450 million convertible notes offering, with an additional $50 million option, aiming to alleviate concerns about further at-the-market (ATM) share issuance for the remainder of the year. The convertible notes deal is viewed positively by analysts, as it should reduce technical selling pressure related to convertible arbitrage. Concurrently, there has been notable options market activity in IREN shares, including large purchases of January 2026 call options at strike prices of $7.5, $9, $10, $10.50, and $12, with some trades valued at over $1.4 million. Technically, IREN's stock price is testing the 0.618 Fibonacci retracement level at $10.27, a key inflection point that could confirm a breakout from its downtrend and signal a path toward $20 or higher. Meanwhile, the Russell 2000 index ETF (IWM) is approaching a critical technical juncture, closing above its 100-day moving average for five consecutive days and now just 0.3% away from reclaiming its 200-day moving average. Despite this, the Russell 2000 remains below the 200-day moving average, with short interest in IWM climbing over 50% year-to-date to 36% of outstanding shares, indicating bearish positioning. Market analysts highlight IWM and the Emerging Markets ETF (EEM) as leading performers recently, with IWM showing potential to reach new all-time highs around $248 based on technical patterns.