Core Insights - IREN Limited is transitioning from a pure-play crypto-mining company to an AI Cloud Service Provider, targeting $3.4 billion in annualized run-rate revenues by the end of 2026, primarily from its AI cloud business [3][19] - Strategy, the world's largest bitcoin treasury company, holds 713,502 bitcoins and achieved a bitcoin yield of 22.8% in 2025, translating to a gain of $8.9 billion [8][20] IREN Limited Overview - IREN reported $2.3 billion of annualized run-rate revenues under contract in Q2 2026, including a significant agreement with Microsoft [3] - The company secured $3.6 billion in GPU financing and received $1.9 billion in customer prepayments from Microsoft, covering approximately 95% of GPU-related capital spending [4] - IREN has over 4.5 gigawatts of secured power, with only 10% needed to reach its $3.4 billion ARR target, leaving substantial capacity for future growth [5] - Total revenues fell 23% in Q2 2026, primarily due to declining Bitcoin mining revenues as the company shifts focus [6][7] Strategy Overview - Strategy's bitcoin yield increased to 22.8% in 2025, supported by over $25 billion raised through equity offerings, which were primarily used to purchase Bitcoin [8][9] - The company continued to buy Bitcoin during price declines, acquiring 32,470 bitcoins for about $3.1 billion in Q4 2025 [10][11] - Strategy maintains controlled leverage with net leverage around 10-13% and a cash reserve of $2.25 billion, covering over 2.5 years of interest and dividend payments [11][12] Comparative Analysis - Earnings estimates for IREN have been revised downward, with a projected EPS of 38 cents for fiscal 2026, while Strategy's EPS estimate has been revised upward to $98.83 [13][15] - Over the past three months, IREN shares have decreased by 13.6%, while Strategy shares have lost 35.3% [16] - Strategy trades at a trailing P/B multiple of 0.87X, significantly lower than IREN's 5.59X, making it more attractive for value-seeking investors [18] Conclusion - IREN's long-term potential lies in its AI cloud services and strong power availability, but it faces short-term revenue pressures due to its shift away from Bitcoin mining [19] - Strategy's growth is driven by increasing Bitcoin holdings and strong capital access, making it a more stable investment option [20]

RT James Hunt (@humanjets)ICYMI: Here's a quick news recap from today's Asia & EMEA sessions @TheBlock__ 👇💰 Anthony Scaramucci's son bought Logan Paul's previously tokenized Pokémon card for a record $16 million.👋 ZeroLend founder "Ryker" announced that the protocol is winding down after three years, citing prolonged operating losses, inactive or illiquid chains, and discontinued oracle support as key factors.💸 Strategy acquired an additional 2,486 BTC for approximately $168.4 million at an average price of ...

（来源：吴说） 来源：市场资讯 Strategy 宣布以约 1.684 亿美元购入 2,486 枚 BTC，均价约 67,710 美元。截至 2026 年 2 月 16 日， Strategy 共持有 717,131 枚 BTC，累计投入约 545.2 亿美元，整体持仓均价约 76,027 美元。 ...

Strategy announced the purchase of 2,486 BTC for approximately $168.4 million, at an average price of around $67,710 per bitcoin. As of February 16, 2026, Strategy holds a total of 717,131 BTC, with a cumulative investment of approximately $54.52 billion and an overall average cost of about $76,027 per bitcoin.https://t.co/XKzFglMcUh ...

Michael Saylor(@saylor)'s @Strategy bought another 2,486 $BTC($168.4M) at $67,710 last week.Strategy now holds 717,131 $BTC($48.76B) at an average price of $76,027, and is currently sitting on an unrealized loss of $5.76B (-10.56%).https://t.co/cO0YMk107b ...

🚨BREAKING: STRATEGY ADDS 2,486 $BTC FOR $168.4MStrategy has purchased an additional 2,486 $BTC at ~$67,710 per coin, bringing its total treasury to 717,131 $BTC acquired for ~$54.52 billion at an average price of ~$76,027 per $BTCStrategy now holds approximately 3.4% of $BTC's total circulating supply. ...

The Morning Minute (2.17)Powered by @yeet⏰Top News:-Crypto majors slightly red ahead of weekly open; BTC at $67k-Harvard rotates a portion of BTC holdings into ETH-Steak ‘n’ Shake says Bitcoin adoption dramatically increased sales-Kraken to sponsor Trump Accounts in Wyoming-Andre Cronje opens Flying Tulip sale to the public at $1B valuation🌎 Macro Crypto and Markets-Crypto majors are slightly red down 1%; BTC -1% at $68K; ETH even at $1,970; SOL even at $85; XRP -2% at $1.45-Stable (+12%), NEXO (+7%) and PI ...

在微观财务层面，GTC泽汇资本认为，净资产价值倍数（mNAV）的持续走低是当前加密财务领域不容 忽视的信号。数据显示，由于市场对加密相关企业的估值趋于保守，包括 Strategy 在内的多家巨头 mNAV 已跌破 1.0 的关键水位，目前徘徊在 0.90 左右。通常情况下，mNAV 低于 1 意味着市场对该公 司的定价低于其持有的实际资产价值，这虽然会增加后续融资增持的难度，但也可能孕育着估值修复的 机会。尽管该机构在第四季度录得显著亏损导致股价波动，但其股价在近期已展现出企稳迹象。 在微观财务层面，GTC泽汇资本认为，净资产价值倍数（mNAV）的持续走低是当前加密财务领域不容 忽视的信号。数据显示，由于市场对加密相关企业的估值趋于保守，包括 Strategy 在内的多家巨头 mNAV 已跌破 1.0 的关键水位，目前徘徊在 0.90 左右。通常情况下，mNAV 低于 1 意味着市场对该公 司的定价低于其持有的实际资产价值，这虽然会增加后续融资增持的难度，但也可能孕育着估值修复的 机会。尽管该机构在第四季度录得显著亏损导致股价波动，但其股价在近期已展现出企稳迹象。 综上所述，GTC泽汇资本认为，Strateg ...

The company Strategy bought Bitcoin again over the weekend during the dip.They also released a report, saying that even if BTC drops 88% to $8,000, there will still be enough funds to cover their debts. https://t.co/QEVfvePdHp ...

LATEST: 💰 Michael Saylor hinted on Sunday that Strategy is making its 99th Bitcoin purchase amid the market market downturn. https://t.co/ZywGU9w059 ...