Iris Energy...
That company has been a money pit since it got listed, it's one of the worst performers, from the peak Mara which is not the best of the rest is down 2/3 but Iris is 4/5.
Plus the whole debt default:
https://www.sec.gov/Archives/edgar/data/1878848/000114036122042419/ny20005141x6_6k.htm
They have raised $300m based on promises and backed by gear that is barely profitable and issued another $200m in debt, this is going to end badly.
On Thursday, IREN's stock rose by 13%, yet it has seen a 25% decrease against the U.S. dollar over the last 30 days. Further analysis reveals that year-to-date, IREN's shares have experienced a decline exceeding 41%.
Honestly it's not bad move since there are speculation of Nvidia GPU shortage which suitable for AI task. So anyone who own decent amount of such GPU guaranteed to have potential buyer or renter.
Meanwhile, the investor got hyped where Iris's stock price raise from about $4 (before announcement) to almost $6 (today's price)[1].
[1] https://finance.yahoo.com/quote/IREN/
Honestly it's not bad move since there are speculation of Nvidia GPU shortage which suitable for AI task. So anyone who own decent amount of such GPU guaranteed to have potential buyer or renter.Well, it looked like a great plan back then, but two weeks after their purchase Nvidia launched the H200 which is way more built towards AI, so they just invested a ton of money in cards that are already outpriced at the moment.
QuoteMeanwhile, the investor got hyped where Iris's stock price raise from about $4 (before announcement) to almost $6 (today's price)[1].
[1] https://finance.yahoo.com/quote/IREN/
Yeah, same happened when companies changed their names to Blockchain xxx, remember those times?
But I don't know how much is the announcement and how much because of Bitcoin:
https://finance.yahoo.com/quote/MARA/
Marathon Digital went also from 17 to 27.
Meanwhile, the investor got hyped where Iris's stock price raise from about $4 (before announcement) to almost $6 (today's price)[1].
[1] https://finance.yahoo.com/quote/IREN/ (https://finance.yahoo.com/quote/IREN/)
Meanwhile, the investor got hyped where Iris's stock price raise from about $4 (before announcement) to almost $6 (today's price)[1].
[1] https://finance.yahoo.com/quote/IREN/ (https://finance.yahoo.com/quote/IREN/)
Just stumbled on their name again in an article, seems like the fomo evaporated
$5.99 down from $6.80 YTD
Taking into account that btc is up nearly 50% on the same interval, I will quote myself again, "moneypit"!
Oh, and here is the article:
https://decrypt.co/219954/bitcoin-mining-company-shares-lag-behind-bitcoin-etf?amp=1
YTD as in year to date? Looking at Yahoo's data, it should be $8.3 which happened on Feb 14, 2014. Anyway, it seems you're right Iris Energy remains to be moneypit.