- IREN Ltd shares rose 11.4% after reporting $86 million in July revenue and strong Bitcoin mining results.
- The company mined 728 Bitcoin in July, surpassing the output of industry leader MARA Holdings despite a smaller hashrate.
- IREN advanced its Artificial Intelligence cloud business, generating $2.3 million from this segment in July.
- The firm’s market value increased to $4.11 billion, making it the second-largest among public Bitcoin miners.
- Recent results follow earlier criticism that IREN was “overvalued,” with shares rebounding over 227% in four months.
Shares of IREN Ltd climbed 11.4% to $18.32 on Wednesday after the company reported $86 million in revenue for July and outperformed leading competitor MARA Holdings in Bitcoin production. IREN mined 728 Bitcoin in July, edging out MARA’s 703 Bitcoin for the same period.
IREN produced these results while operating at a smaller deployed hashrate—50 exahashes per second (EH/s) compared to MARA’s 58.9 EH/s. The company reported an average hashrate of 45.4 EH/s through July, indicating strong operational uptime for its mining equipment.
Mining difficulty has recently increased, which raises energy demands and impacts mining profits unless companies adopt more efficient hardware or reduce energy expenses. MARA Holdings saw its July production decline from June but reported a 64% year-over-year revenue jump in its latest quarter to $238 million. MARA also holds the second-largest Bitcoin treasury at 50,000 BTC, according to public data.
July’s strong performance lifted IREN’s market cap to $4.11 billion, overtaking other public miners like Riot Platforms and Core Scientific, placing it just behind MARA. While rivals saw stock gains between 1% and 5%, IREN led the sector for the day.
IREN also expanded its artificial intelligence cloud business, generating $2.3 million in revenue from that division last month. Co-founder Daniel Roberts reported heightened demand for the firm’s cloud services powered by NVIDIA Blackwell GPUs. IREN procured 2,400 of these GPUs in July and received its first batch of 256 units. “The adaptability of our infrastructure and our ability to capture the market opportunity ahead” was noted by Roberts.
The positive results come a year after Culper Research called IREN “wildly overvalued,” criticizing its earlier investments in high-performance computing. Since falling to $5.59 in April, IREN’s share price has rebounded sharply, rising over 227% in the past four months.
For July, IREN outpaced key competitors by combining robust Bitcoin mining with expansion into cloud-based AI services, reflecting ongoing adjustments in the evolving digital asset sector.
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