New York, Jan 22, 2026, 18:55 EST — After-hours
- IREN shares slipped in after-hours trading following a volatile session
- Tradr debuted a -2x daily “short” ETF linked to IREN on Cboe
- IREN scheduled its quarterly results for Feb. 5, bringing its AI expansion back into the spotlight
IREN shares dropped 2.3% to $52.26 in after-hours trading Thursday, following a session that saw prices fluctuate between $51.84 and $56.66. Trading volume hit roughly 32.9 million shares.
Tradr ETFs, known for their leveraged exchange-traded funds, unveiled a new product designed to deliver two times the inverse (-200%) of IREN’s daily price movement, trading under the ticker IREZ on Cboe. “We are excited to bring these inverse exposures to the market,” said Matt Markiewicz, Tradr’s head of product and capital markets, in a statement. These funds reset daily, meaning their performance over longer periods can diverge from what investors might expect from a straightforward “-2x” position. 1
IREN said it will report results for the quarter ending Dec. 31, 2025, on Thursday, Feb. 5, followed by a conference call at 5:00 p.m. Eastern that includes a Q&A session. The company describes itself as an AI cloud service provider operating large-scale GPU clusters, with data centers and grid-connected locations in renewable-rich areas throughout the U.S. and Canada. 2
Late Thursday saw the broader tape inch higher, with the Nasdaq-tracking Invesco QQQ gaining roughly 0.7% and the S&P 500-tracking SPY adding about 0.5%. Bitcoin hovered near $89,444, holding steady after a period when crypto-linked stocks closely tracked its moves.
IREN has been in the spotlight after Microsoft inked a $9.7 billion, five-year agreement with the firm in November, securing access to Nvidia’s latest chips, delivered via Dell. Reuters noted the deal involves a prepayment and includes clauses allowing termination if IREN fails to meet delivery deadlines. 3
Feb. 5 marks a critical date for investors. The quarter in question captures IREN’s effort to pivot from bitcoin mining to selling AI computing power—aiming to do so without overshooting budgets or deadlines.
Traders are expected to focus on updates regarding GPU deployments—the chips powering AI training and operations—along with pricing and utilization rates in the AI cloud segment, plus management’s commentary on funding and build-out speed. For mining, bitcoin price, network difficulty, and power costs remain critical since they can rapidly affect cash flow.
Two clear risks stand out. Delays in hardware delivery or site readiness could push back revenue and raise fresh doubts about execution, particularly since major contracts depend on tight timelines. Plus, the latest daily reset leveraged ETFs can amplify short-term swings — these products target active traders, not those holding steady through volatile markets.
Coming next: earnings on Feb. 5, followed by a 5 p.m. Eastern call. Also worth watching—how much volume the new IREZ short ETF pulls in as traders try it out during these early sessions.
