Bitcoin miner IREN surges 14% on BTC-driven quarter, AI play
Bitcoin miner IREN rose 14% in after-hours trading after posting a record $187.3 million revenue in the last quarter, as it continues to expand into AI.
Bitcoin miner IREN has posted its best quarter of earnings to date, bringing in $187.3 million last quarter, which contributed to a record $501 million revenue for the fiscal year, sending its stock up nearly 14% in after-hours trading.
Quarterly revenue for the month ended June 30 was up 226% year-on-year, helping the company swing back into profitability with $176.9 million in net income, IREN said in a report on Thursday.
The surge was driven by growth in its Bitcoin (BTC) mining business, but the company has also made moves to deepen its footprint in the AI space as a new “Preferred Partner” to AI giant Nvidia.
