New York, January 5, 2026, 11:40 EST — Regular session
- IREN shares rose about 10% as bitcoin pushed higher, lifting crypto-linked equities.
- Other U.S.-listed bitcoin miners also advanced, pointing to a sector-wide move.
- Investors are watching U.S. jobs and inflation data next for cues on rates and risk appetite.
Shares of IREN Limited jumped about 10% in morning trading on Monday as bitcoin rebounded, pulling crypto-linked stocks higher. The Nasdaq-listed stock was up $4.42 at $47.12 by 11:40 a.m. EST, after trading between $43.64 and $47.21, while bitcoin rose about 2.8% to $93,836.
The move matters because IREN has become a high-beta bet on both crypto prices and the buildout of computing power for artificial intelligence. Miners’ shares often swing more than bitcoin because revenue tracks the coin price while power and other operating costs tend to move more slowly.
Other U.S.-listed bitcoin miners also advanced, underscoring a sector-wide bid: Marathon Digital was up about 5%, Riot Platforms gained roughly 4%, and CleanSpark added about 6%, while Hut 8 jumped about 13%.
IREN has also drawn attention as it repurposes data-center capacity for AI workloads. In November, Microsoft signed a five-year cloud contract worth $9.7 billion with IREN for access to Nvidia chips; IREN said the processors would be deployed in phases through 2026 at its Childress, Texas, campus alongside new liquid-cooled data centers, and it outlined a separate $5.8 billion purchase of chips and equipment through Dell. Reuters reported the Microsoft agreement could be terminated if IREN fails to meet delivery timelines. 1
Even after Monday’s pop, IREN remains about 39% below its record high of $76.87 set in early November and is still under the $50 mark. Traders often treat round numbers as psychological levels, with the $47 area now a near-term reference point after the morning surge. 2
Broader risk appetite has steadied after last week’s weakness in U.S. equities, giving high-volatility names room to bounce. “The first trading week of the New Year may likely revolve around whether tech will find its footing,” Chris Larkin, managing director at E*TRADE at Morgan Stanley, wrote in a note.
For IREN, the immediate driver is still bitcoin: a sustained move in the token can quickly change expectations for mining revenue. The longer-dated question is whether AI cloud deployments can dampen that cyclicality by turning power-and-cooling assets into steadier contracted cash flow.
But the trade cuts both ways. Bitcoin has a history of sharp reversals, and AI infrastructure projects demand heavy upfront spending on equipment and buildouts—raising the stakes if demand cools or capital becomes more expensive.
The next macro test arrives on Jan. 9, when the U.S. Labor Department releases the December employment report, followed by the December consumer price index on Jan. 13—data that can move Treasury yields and, by extension, crypto-linked and high-growth stocks. The Federal Reserve’s next policy meeting is scheduled for Jan. 27–28. 3
