Bitcoin Mining Sector Is Attracting Growing Investor Interest Following Core Scientific Deal: JPMorgan [Yahoo! Finance]
Iris Energy Limited (IREN)
Company Research
Source: Yahoo! Finance
Iris Energy is best positioned to take advantage of the growing HPC/AI opportunity. Investors are waking up to the alternative use cases for mining facilities and the value of power access. The bitcoin {{BTC}} mining sector is attracting a wave of investor interest following Core Scientific's (CORZ) deal with artificial intelligence (AI) company CoreWeave, JPMorgan (JPM) said in a research report on Monday. The bank notes that the total market cap of the 14 miners it tracks has grown by 22%, or $4 billion, since the announcement, versus a 7% drop for bitcoin and a 3% increase for the S&P 500 stock index. Core Scientific said it had signed a 200 megawatts (MW) artificial intelligence deal with the cloud computing firm earlier this month. News of the deal triggered a re-rating of the bitcoin mining sector as investors reacted positively to the announcement. This is a reflection of the "alternative (and potentially more accretive) use cases for mining facilities and the scarcity
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IREN
News
- Iris Energy Limited (NASDAQ: IREN) had its price target raised by analysts at B. Riley from $9.50 to $18.00. They now have a "buy" rating on the stock.MarketBeat
- Iris Energy Limited (NASDAQ: IREN) was upgraded by analysts at Cantor Fitzgerald to a "strong-buy" rating.MarketBeat
- Loss-Making Iris Energy Limited (NASDAQ:IREN) Set To Breakeven [Yahoo! Finance]Yahoo! Finance
- Iris Energy Limited (NASDAQ: IREN) had its "overweight" rating re-affirmed by analysts at Cantor Fitzgerald. They now have a $23.00 price target on the stock.MarketBeat
- May 2024 Monthly Investor UpdateGlobeNewswire
IREN
Sec Filings
- 6/27/24 - Form S-8
- 6/6/24 - Form 6-K
- 5/29/24 - Form 424B3
- IREN's page on the SEC website