IREN's 9.39% Surge on $600M Volume Propels Stock to 169th in Trading Activity Amid Legal Settlement with NYDIG

IREN surged 9.39% on August 22, 2025, with a trading volume of $600 million, a 82.85% increase from the previous day. The stock ranked 169th in trading activity across the market, indicating renewed institutional interest following a prolonged legal dispute. A confidential settlement between IREN and creditor NYDIG, disclosed in PwC’s court filing, resolved a three-year battle over $105 million in defaulted equipment loans tied to 35,000 Antminer S19s. The agreement halts planned examinations of IREN’s co-founders, who faced cross-border litigation after Canadian bankruptcy proceedings were recognized in Australia.

The dispute originated from a 2021 financing arrangement where IREN subsidiaries defaulted on repayment obligations in 2022. SPVs, structured to host the miners, operated at minimal margins, generating $50/PH/s in revenue against $41.4/PH/s in costs. PwC, appointed as receiver, later sold the miners during a market slump and voided lease agreements deemed fraudulent. IREN’s leadership had resisted Australian court orders to cooperate with investigations into corporate governance and intercompany transactions.

The settlement avoids further scrutiny of the Roberts brothers and independent board members, limiting reputational risks for the company. Legal costs from dismissed appeals and rejected injunctions were likely factored into the undisclosed terms. The resolution stabilizes IREN’s corporate structure amid broader industry volatility, though operational transparency remains constrained by the confidential nature of the agreement.

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