New York, January 26, 2026, 10:53 (EST) — Regular session
- IREN dropped roughly 3.6% to $54.63 in early Nasdaq trading, slipping back from a high of $57.09 reached earlier in the session
- Bitcoin slipped roughly 0.7%, with Marathon Digital and Riot Platforms also seeing declines.
- Investors are gearing up for IREN’s quarterly results, expected in early February
Shares of IREN Limited dropped roughly 3.6% to $54.63 on Monday, after starting the day at $56.22 and dipping as low as $53.64 during trading. Volume reached around 14.8 million shares. Bitcoin slipped about 0.7%, dragging down crypto-related miners Marathon Digital and Riot Platforms alongside it.
This shift is significant since IREN now acts as a sharp, volatile stand-in for two often divergent trends: bitcoin prices and demand for AI infrastructure stocks. When either falters, the shares usually swing more dramatically than the news itself.
IREN announced February 5 for its fiscal second-quarter results, covering the three months ended December 31, 2025. The company plans a conference call at 5:00 p.m. Eastern time. With the date so near, daily price swings could increasingly reflect positioning ahead of the report. 1
Monday’s action felt less like a shock tied to any single company and more like a broader sector shake-up. Bitcoin dipped, dragging crypto miners down with it. Traders focused on correlation instead of fresh filings or new guidance.
IREN’s shares have swung that way previously. Microsoft inked a $9.7 billion AI cloud contract with IREN, linked to Nvidia’s chips, positioning the miner-turned-data-center player firmly in the AI compute sector alongside its bitcoin interests. 2
Nvidia kept the AI momentum going Monday, announcing a $2 billion investment in CoreWeave as the two firms deepened their collaboration to ramp up U.S. data-center capacity. “Nvidia is the leading and most requested computing platform at every phase of AI,” said CoreWeave CEO Michael Intrator. 3
The trade can reverse quickly. A steeper fall in bitcoin would squeeze miners’ cash flow, and the AI expansion demands heavy capital with little margin for setbacks or budget overruns. IREN has also tapped financing lately, including convertible notes — debt that can flip into shares — adding potential dilution risk if sentiment sours. 4
Investors are currently focused on whether bitcoin holds steady and if the AI infrastructure rally expands past the top chipmakers and cloud giants. Small updates on customer wins or capacity changes could carry extra weight as earnings season approaches.
IREN’s next major event arrives February 5, when it releases quarterly results and fields questions during the conference call.
