IREN Plunges 0.31% to 2025 Low as Transition and Crypto Risks Weigh

IREN (IREN) fell 0.31% today, hitting a new low since September 2025 with an intraday drop of 3.15%. The decline reflects ongoing investor caution amid unresolved risks tied to the company’s transition from Bitcoin mining to AI infrastructure and lingering exposure to volatile cryptocurrency markets.

Recent developments include a $20 million settlement with NYDIG, resolving a three-year legal dispute over defaulted Bitcoin mining equipment loans. The resolution, which eliminated a major overhang on management credibility, initially boosted the stock by 11.7% but failed to sustain momentum. The settlement allowed IREN to redirect focus toward its AI infrastructure projects, though the company remains dependent on capital raises to fund large-scale initiatives like the 2GW Sweetwater and 750MW Childress developments.

IREN’s strategic pivot to renewable-powered AI infrastructure has drawn mixed investor sentiment. While the $500 million fixed-income offering led by J.P. Morgan and Citigroup addresses immediate funding needs, long-term success hinges on consistent revenue growth and ESG-aligned execution. Analysts note a valuation gap, with fair value estimates ranging from $11.00 to $26.54 per share. Optimists highlight potential in AI infrastructure, while skeptics cite risks from Bitcoin price swings and recurring capital requirements.

Persistent challenges include IREN’s partial reliance on Bitcoin mining revenue, which remains vulnerable to market downturns. The company’s 2028 revenue forecast of $1.5 billion assumes a 57.6% annual growth rate, a target contingent on maintaining low-cost financing and avoiding over-leveraging. Ongoing legal and operational transparency will also be critical to retaining investor trust as it navigates the transition to AI-focused operations.