Core Viewpoint - The cryptocurrency-related stocks in the US experienced a significant decline, reflecting a broader downturn in the cryptocurrency market, particularly with Bitcoin and Ethereum prices dropping sharply [1]. Group 1: Stock Performance - Cypherpunk Technologies (CYPH.US) fell nearly 14% [1] - Strive (ASST.US) and IREN (IREN.US) both dropped over 6% [1] - Bitmine Immersion Technologies (BMNR.US) and Bitfarms (BITF.US) declined by more than 4% [1] Group 2: Cryptocurrency Market - Bitcoin price decreased by 2%, currently at $86,451 [1] - Ethereum price fell by 2.7%, currently at $2,872 [1]

We recently published 10 Stocks Stealing Wall Street Spotlight. IREN Ltd. (NASDAQ:IREN) is one of the best-performing stocks on Monday. IREN Ltd. snapped a three-day losing streak on Monday, jumping 14.74 percent to close at $48.49 apiece, as investors took heart from an investment firm’s higher price target for its stock. In a market note on the same day, IREN Ltd. (NASDAQ:IREN) earned a new price target of $39 from JPMorgan, or a 39 percent jump from its previous fair value assessment of $28. The new ...

Core Insights - The article discusses the transition of former bitcoin miners, including Cipher Mining, Riot Platforms, and IREN, towards high-performance computing (HPC) and AI services, highlighting the potential for significant revenue growth in this sector [2][5][19]. Cipher Mining - Cipher Mining operates five data centers in Texas, with plans to shift focus from bitcoin mining to HPC, aiming to leverage existing infrastructure for AI workloads [1][8]. - The company has a development pipeline of 3.2 gigawatts and announced a new 1-gigawatt site in West Texas, primarily financed by Cipher, to focus on HPC [6][7]. - Cipher's recent lease agreement with AWS is valued at approximately $5.5 billion, providing 300 megawatts of power capacity for AI workloads starting in August next year [8]. - In Q3 2025, Cipher generated $71.7 million in revenue, nearly tripling from Q3 2024, although it fell short of expectations [9]. - Analyst Greg Miller projects Cipher's stock could exceed $90 per share if it successfully executes its HPC strategy, with a current price target of $30 indicating a potential upside of 106% [10][11]. Riot Platforms - Riot Platforms has over 1 gigawatt of operational data center capacity and is expanding its Corsicana facility by an additional 600 megawatts [12][14]. - The company reported a record revenue of $180.2 million in Q3 2025, up 112% year-over-year, with a net income of $104.5 million [15]. - Miller notes Riot's capacity is well-positioned for the HPC market, and he sets a price target of $25, suggesting an 87% potential gain [16]. IREN, Ltd. - IREN operates four data centers, with a significant focus on renewable energy, and has shifted its business model from bitcoin mining to AI cloud services [17][19]. - The company secured a multi-year GPU cloud service contract with Microsoft valued at $9.7 billion, alongside a $5.8 billion deal with Dell for hardware [19][20]. - IREN's fiscal 1Q26 report showed a record revenue of $240.3 million, a 355% increase from the previous year, and a net income turnaround from a loss to a profit of $384.6 million [21]. - Analyst Miller believes IREN's strategy could lead to a valuation of over $280 per share in the long term, with a current price target of $80 indicating an 84% upside [23].

Core Viewpoint - IREN Limited (NASDAQ:IREN) is positioned as a strong investment opportunity in the crypto-related stock sector, particularly due to its GPU cloud contract with Microsoft and significant revenue growth [2][3]. Financial Performance - For Q3 2025, IREN Limited reported revenue of $240.3 million, reflecting a 28% sequential increase and a 355% year-over-year growth [3]. - The adjusted EBITDA for the same quarter was $91.7 million, marking a staggering 3,568% increase year-over-year [3]. Growth Drivers - Canaccord Genuity raised its price target for IREN Limited from $42 to $70, citing the Microsoft GPU cloud contract as a key growth driver [2]. - The Microsoft deal has the potential to generate $1.94 billion in annual recurring revenue once GPU expansion is completed [3]. Expansion Plans - IREN Limited plans to expand its GPU infrastructure from 23,000 GPUs to 140,000 by the end of 2026, with Microsoft partially funding capital expenditures through a 20% upfront prepayment [4]. - The company has secured $400 million in additional funding for this expansion [4]. Competitive Advantage - IREN Limited's vertically integrated model allows it to control the entire stack from substations to GPUs, reducing reliance on third-party providers [4]. - The company's Horizon platform is designed to support future GPU generations and scalable AI infrastructure [5].

Key Points Iren has been seeing extraordinary revenue growth. A slowdown in AI spending would dent that trajectory. AI infrastructure is expected to remain in high demand for the foreseeable future. 10 stocks we like better than Iren › After rocketing higher by as much as 678% this year, investors had been dumping shares of Iren Limited (NASDAQ: IREN) in recent weeks. Shares of the artificial intelligence (AI) infrastructure provider are still more than 30% off recent highs, even after jumping to ...

Core Insights - Bitcoin mining stocks experienced a rise, driven by Nvidia's stronger-than-expected quarterly results, with notable increases in IREN (9%), TeraWulf (9%), Core Scientific (5%), and Cipher Mining (13%) [1] - Nvidia reported a 62% revenue growth in Q3, marking its first acceleration in seven quarters, which added approximately $300 billion in market value to AI-related stocks [2] - Publicly traded bitcoin miners with hyperscale contracts have been decoupling from bitcoin prices since August, a trend that accelerated after Nvidia's earnings announcement [2] Company Developments - Cipher Mining's shares increased by 10% following a 56-megawatt, 10-year hosting contract with Fluidstack, adding about $830 million in contracted revenue, raising total contracted revenue with Fluidstack to approximately $3.8 billion [3][4] - IREN announced a five-year cloud compute agreement with Microsoft valued at about $9.7 billion, marking its first major hyperscaler contract, which includes a 20% prepayment and is supported by four new liquid-cooled data centers [5] - IREN also secured a GPU-related infrastructure agreement with Dell Technologies worth about $5.8 billion, funded through existing cash and new financing, leading to a 21% rise in shares [6] Investment Trends - AI-focused hedge funds have increased their exposure to miners transitioning into compute services, with significant positions reported in Core Scientific ($362 million) and IREN ($338 million) as of September 30 [7]

Core Insights - The cryptocurrency market is experiencing heightened volatility, with a total market capitalization decline of 1.8% to $3.57 trillion as of November 12, 2025, and Bitcoin dropping to below $97,000, down 22% from its all-time high of approximately $126,000 in October [2][3] - Investor sentiment is diverging, with retail investors in "max desperation" mode while institutional investors remain stable [5] - Regulatory clarity is boosting investor confidence, with 55% of hedge funds now holding some exposure to crypto, up from 47% in 2024 [6] Company Summaries MARA Holdings, Inc. (NASDAQ:MARA) - MARA reported Q3 2025 revenue of $252.4 million, a 92% year-over-year increase, and net income of $123.1 million, a significant recovery from a net loss of $124.8 million in Q3 2024 [12][13] - The company is focusing on integrating AI infrastructure with Bitcoin mining and has over $7 billion in liquid assets [14][15] - Cantor Fitzgerald reduced its price target for MARA from $30 to $21 while maintaining an "Overweight" rating [12] Hut 8 Corp. (NASDAQ:HUT) - Hut 8 reported Q3 2025 revenue of $83.5 million, a 91% year-over-year growth, and net income of $50.6 million, up from $0.9 million in the previous year [19] - The company announced the sale of its 310-megawatt portfolio of natural gas plants to TransAlta, which reflects its strategic asset management [17] - Northland's analyst raised Hut 8's price target from $26 to $58, citing strong performance from its subsidiary, American Bitcoin [18] IREN Limited (NASDAQ:IREN) - IREN reported Q3 2025 revenue of $240.3 million, a 355% year-over-year increase, and adjusted EBITDA of $91.7 million, up 3,568% year-over-year [24] - Canaccord Genuity increased its price target for IREN from $42 to $70, highlighting the significance of its GPU cloud contract with Microsoft [23] - The company plans to expand its GPU infrastructure from 23,000 to 140,000 by the end of 2026, with Microsoft partially funding the expansion [25][26]

Group 1 - IREN Limited is currently in a unique market position, overshadowed by the visibility of Microsoft Corporation's recent headlines, yet lacking awareness of its own potential [1] - The investment strategy focuses on identifying high-potential opportunities with an asymmetric risk-reward profile, aiming for a minimum upside potential of 3-5 times the downside risk [1] - Emphasis is placed on leveraging market inefficiencies and contrarian insights to maximize long-term compounding while safeguarding against capital impairment [1] Group 2 - The investment horizon is set at 2-3 years, allowing the company to endure market volatility and prioritize patience, discipline, and intelligent capital allocation for superior returns [1]

Group 1 - IREN Limited is currently in a unique market position, overshadowed by the visibility of Microsoft Corporation's recent headlines, yet lacking awareness of its own potential [1] - The investment strategy focuses on identifying high-potential opportunities with an asymmetric risk-reward profile, aiming for a minimum upside potential of 3-5 times the downside risk [1] - Emphasis is placed on leveraging market inefficiencies and contrarian insights to maximize long-term compounding while safeguarding against capital impairment [1] Group 2 - The investment horizon is set at 2-3 years, allowing the company to endure market volatility and prioritize patience, discipline, and intelligent capital allocation for superior returns [1]

Core Viewpoint - U.S. cryptocurrency mining companies experienced significant pre-market gains on November 20, with notable increases in stock prices for several firms [1] Company Performance - APLD saw an increase of over 14% [1] - CIFR rose by more than 11% [1] - IREN experienced a gain of over 8% [1] - WULF increased by more than 7% [1]