Latest news with #IREN
Yahoo
3 days ago
- Business
- Yahoo
Roth MKM Remains Bullish on IREN Limited (IREN)
IREN Limited (NASDAQ:IREN) is one of the 13 Crypto Stocks with the Highest Upside Potential. In a report released on June 17, Darren Aftahi from Roth MKM maintained a Buy rating on IREN Limited (NASDAQ:IREN) with a price target of $20.75. The company's May report showed record revenue and hardware profit, reporting $1.6 million in daily hardware profit and $67 million in monthly revenue. It is on track for 50 EH/s by June 30 and is executing on its Horizon 1 AI Data Center at pace, set for delivery in Q4 2025. A table full of technology, with bitcoin mining rigs and a laptop showing a financial graph. IREN Limited (NASDAQ:IREN) also reported positive fiscal Q3 2025 results, with record revenues of $148.1 million compared to $119.6 million in fiscal Q2 2025. The company reported a 24% growth in Bitcoin mining revenue to $141.2 million and a notable 33% rise in AI Cloud services revenue to $3.6 million. IREN Limited (NASDAQ:IREN) mined 1,514 Bitcoin in the quarter compared to 1,347 Bitcoin in fiscal Q2 2025, supported by growth in operating hash rate. Formerly known as Iris Energy Limited, IREN Limited (NASDAQ:IREN) is an Australia-based company that owns and operates renewable energy-powered data centers. Its facilities are specially optimized for Bitcoin mining, AI cloud services, and other power-dense computing. While we acknowledge the potential of IREN as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money. Disclosure: None.
Yahoo
14-06-2025
- Business
- Yahoo
Bitcoin Miners Just Had One of Their Best Quarters on Record, JPMorgan Says
The first quarter of 2025 was one of the best periods on record for U.S.-listed bitcoin BTC mining companies, Wall Street bank JPMorgan (JPM) said in a research report Friday. "Four of the five operators in our coverage reported record revenue and profits," analysts Reginald Smith and Charles Pearce wrote. In aggregate, the miners earned gross profit of about $2.0 billion with gross margins of 53%. Those figures compare with $1.7 billion and 50% in the previous quarter, the bank said. MARA Holdings (MARA) mined the most bitcoin in the bank's coverage universe for the ninth quarter in a row, the report said. IREN (IREN) earned the most gross profit of the group for the first time, the bank noted. The miner also recorded the "lowest all-in cash cost per coin at just ~$36,400." Conversely, MARA posted the highest cost per coin of around $72,600, the bank said. The five mining companies that the bank tracks issued only $310 million of equity in the quarter, a drop of $1 billion from the fourth quarter last year. CleanSpark (CLSK) did not raise any equity in the period, the bank noted. The bank estimated the companies spent $1.8 billion in total on power, $50 million more than in the previous quarter. The bank has an overweight rating on CleanSpark, IREN and Riot Platforms (RIOT), and a neutral rating for Cipher Mining (CIFR) and in to access your portfolio
Yahoo
12-06-2025
- Business
- Yahoo
Bitcoin Miner IREN to Raise $450M From Convertible Debt Offering
Bitcoin BTC and AI data center operator IREN plans to raise $450 million through a private sale of convertible senior notes, the company said in a press release. The notes, due in 2029, will be offered to qualified institutional buyers and could expand by another $50 million if initial purchasers take up an optional allotment. The unsecured notes will pay semiannual interest and can be converted into IREN's ordinary shares under certain conditions. The company has the option to redeem the notes starting in mid-2028 if its stock trades at 30% above the conversion price for a set period. IREN said it intends to use the proceeds for a pair of financial strategies meant to offset potential equity dilution and market risk. These are capped call transactions and a prepaid forward share repurchase. These hedges are designed to reduce the impact of future note conversions and may support the company's share price by limiting the number of new shares issued. 'If, however, the market price per ordinary share of IREN, as measured under the terms of the capped call transactions, exceeds the cap price of the capped call transactions, there would nevertheless be dilution and/or there would not be an offset of such potential cash payments,' the firm wrote. Earlier this year, IREN called off its bitcoin mining expansion to favor AI data centers. Its shares are down 6.8% ahead of the opening bell. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
11-06-2025
- Business
- Business Insider
IREN announces $450M offering of convertible senior notes due 2029
IREN (IREN) announced its intention to offer, subject to market and other conditions, $450M aggregate principal amount of convertible senior notes due 2029 in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Yahoo
07-06-2025
- Business
- Yahoo
Why IREN Ltd. (IREN) Soared On Friday
We recently published a list of . In this article, we are going to take a look at where IREN Ltd. (NASDAQ:IREN) stands against other Friday's best-performing stocks. IREN Ltd. saw its share prices rise by 8.94 percent on Friday to close at $9.75 apiece as investors cheered its record Bitcoin mining performance last month. In a statement, IREN Ltd. (NASDAQ:IREN) said that it was able to mine 627 Bitcoins last month, raking in revenues of $64.8 million. The figure was higher than the 579 in April and the 533 mined in March, which both generated $50.1 million and $45.3 million, respectively. A table full of technology, with bitcoin mining rigs and a laptop showing a financial graph. IREN Ltd. (NASDAQ:IREN) said that the higher Bitcoin production was supported by a higher average operating hash rate of 38.4 EH/s. Looking ahead, the company was on track to install 50 EH/s by the end of the month, with more miners in the process of shipping from Southeast Asia. In the third quarter of fiscal year 2025, IREN Ltd. (NASDAQ:IREN) grew its net income after tax by 181 percent to $24.2 million from $8.6 million in the same period last year. Revenues from Bitcoin mining soared by 164 percent to $141.2 million from $53.4 million year-on-year. Overall, IREN ranks 10th on our list of Friday's best-performing stocks. While we acknowledge the potential of IREN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
