New York, January 20, 2026, 18:02 EST — After-hours
- IREN dropped after the bell, dragged down by bitcoin’s slump as investors pulled back from risk.
- Trump’s fresh tariff threats against Europe triggered a widespread selloff on Wall Street.
- Traders await whether crypto prices will hold momentum and anticipate the upcoming company update.
Nasdaq-listed IREN Limited shares dropped 6.2%, closing at $54.26 in after-hours trading Tuesday. The stock fluctuated between $52.01 and $57.63, with roughly 45 million shares changing hands. Bitcoin slipped 4.7%, dragging miners Marathon Digital, Riot Platforms, and CleanSpark down by 4.6% to 8.8%.
The pullback is significant since IREN has turned into a high-beta stand-in for two key plays investors have favored: crypto prices and the AI data-center expansion. When markets shift to a defensive stance, those bets can take a swift hit—even within a single hour.
U.S. stocks suffered their largest single-day decline in three months as President Donald Trump renewed tariff threats against Europe, rattling investors and driving volatility higher. Jamie Cox, managing partner at Harris Financial Group, said he’s not ready to label this a correction just yet: “I’m not at the point yet … is going to precipitate a correction,” he noted. 1
IREN highlighted the connection between bitcoin’s volatility and its own financials, cautioning that a drop in bitcoin prices could push mining revenue below operating costs — a situation that might trigger stock swings larger than those of the cryptocurrency. 2
The company has been positioning itself as a key player in AI infrastructure. Last November, it announced that Microsoft inked a $9.7 billion deal with IREN for AI cloud capacity using Nvidia processors and gear provided through Dell. The contract includes a clause allowing termination if delivery deadlines are missed. 3
Tuesday’s drop happened with no new company news. The market itself sent the message: crypto was soft, uncertainty rose, and appetite waned for long-duration growth plays that rely on steady funding.
This hits miners and data-center builders hard since the trade still hinges partly on financing. When yields climb and stocks wobble, funding costs shift quickly, prompting the market to rethink its assumptions.
But the flip side is just as real. A quick rebound in bitcoin or easing tariff talk might lift these stocks just as fast, particularly since short-term positions are often crowded.
The downside is more straightforward: should the risk-off mood intensify, volatile stocks will remain under strain, and management teams will grapple with tougher conditions for spending and raising funds.
Investors are keeping an eye on the Feb. 1 deadline Trump set for new tariffs. IREN hasn’t announced its next earnings date yet, but based on previous patterns, it’s likely to report near Feb. 11. 4
