New York, February 24, 2026, 08:35 (EST) — Premarket
Shares of IREN Limited gave back 1.5% before the bell Tuesday, fading after Monday’s big jump. The Nasdaq-listed data center stock slipped roughly 64 cents to $41.72 in early action, following a 5.95% rally to $42.36 at the prior close. (Investing.com)
The stock’s sharp moves come right as it approaches an index reshuffle likely to trigger short-term buying. Crypto-linked names have been volatile on bitcoin’s drop, keeping things jumpy. IREN sits in the crosshairs: half bitcoin miner, half AI infrastructure play—the result is one of the market’s loudest tickers.
On Feb. 12, IREN announced it’s set to join the MSCI USA Index—a benchmark for large and mid-cap U.S. stocks that passive investors tend to track closely. The company’s co-founder and co-CEO, Daniel Roberts, pointed to the group’s “scale and liquidity” as the driving force behind the addition, tying it directly to IREN’s ongoing push into its AI cloud strategy. (GlobeNewswire)
Traders focus on flows here. Index-trackers usually tweak positions near the effective date, so volume can pile up into the close. Sometimes that move has staying power; other times, it’s just a quick one-day spike before things settle back down.
In a separate filing, Cantor Fitzgerald disclosed stakes of 3,469,904 shares of IREN and put options tied to 5,025,000 shares. The 13F gives a glimpse of big managers’ holdings at the quarter’s end; put options, meanwhile, pay off if the stock drops. (SEC)
IREN touched $42.56 during Monday’s session, with roughly 30.3 million shares moving—trading lighter than its usual daily volume, MarketBeat data show. Shares previously finished Friday at $39.98. (MarketBeat)
Bitcoin slid roughly 5.3% in the last day, changing hands near $62,693 and putting pressure on miners’ cash flows. Among peers, Marathon Digital slipped 1.2%, Riot Platforms barely budged, while CleanSpark picked up close to 2% by late Monday trading.
IREN, headquartered in Australia, manages renewable-powered data centers in both Canada and Texas, Reuters reports. The company’s business covers bitcoin mining and also selling AI cloud computing capacity, making use of top-tier Nvidia GPUs. (Reuters)
Earlier this month, IREN reported it had locked in $3.6 billion in GPU financing to support its deal with Microsoft, adding that a prepayment from Microsoft would take care of the bulk of its GPU capex. IREN also disclosed cash and cash equivalents stood at $2.8 billion as of Jan. 31. (GlobeNewswire)
But it’s not a one-way street. The stock moves with bitcoin, for better or worse, and that AI expansion? It needs hefty spending, gear showing up on time, and customers who keep chasing more compute.
There wasn’t much relief from the broader markets. U.S. stock futures edged up early Tuesday, Investopedia said, following a sharp sell-off on Monday as tariff questions and concerns over the scale of AI investment weighed on sentiment. (Investopedia)
The next key deadline for investors: MSCI’s February index review goes live after the close on Feb. 27, prompting the usual rebalancing moves by index-tracking funds. Where IREN settles at that closing price might set the mood for trading next week. (msci.com)
