中文翻译
关于 $IREN 投资者可能误解的几点：情况比“21.2%流通盘导致轧空(short squeeze)”要复杂得多。对于 IREN 而言，大量短期持仓(SI)来自可转换票据(convertible note)套利。当机构在发行后购入可转换票据时，他们会做空标的股票进行对冲。鉴于10亿美元的发行规模加上1.25亿美元的购买选择权，相应的对冲操作推高了该 SI 数值。其次，对于市值120亿美元以上的股票，如果该数值如此之高，参与者并非散户，而是机构。
· 个股论点
澄清IREN高短期持仓源于机构可转换票据套利对冲，非散户轧空。
涉及标的： $IREN
英文原文
So few things $IREN investors might misunderstand: it's more nuanced than 21.2% float -> short squeeze. With IREN a lot of SI is convertible note arbitrage. When institutions acquire convertible notes after the offering, they short the underlying shares for hedging. Given the $1B offering, plus +125M purchase option, corresponding hedge inflates that SI number. Second if a number is that high with a $12B+ stock, it's not retail it's institutions.