Bitcoin Miner IREN Reports 33% Revenue Growth, Price Target Raised to $37

IREN (IREN) reported strong fourth-quarter results, focusing on its bitcoin mining and AI infrastructure. Key highlights include:

Broker Canaccord Genuity maintained a buy rating and increased the price target by 60% to $37.
Shares rose 25% to $28.75 in early trading.
Annualized revenue run rate for mining exceeded $1 billion, with a capacity of 50 EH/s and a cost of $36,000 to mine one bitcoin.
Bitcoin mining revenue reached $187.3 million, up 33% sequentially; adjusted EBITDA increased by 46% to $121.9 million.
Hashrate quadrupled to support expansion, totaling 3 MW of power capacity with expectations for growth in fiscal 2025.
Designated as an NVIDIA preferred partner and acquired an additional 2,400 GPUs.
Secured power capacity stands at 2,910 MW, positioning IREN among the largest and most efficient miners with potential in high-performance computing.