New York, Feb 4, 2026, 18:32 EST — After-hours
- IREN plunged 17.4% following a steep drop late in the session on heavy volume.
- Bitcoin dropped roughly 3.3%, pulling down U.S.-listed miners in its wake.
- A recent Jane Street filing revealed a 4.7% stake in IREN, just days before the company’s earnings report.
IREN Ltd shares plunged 17.4% on Wednesday, ending the day at $44.94 after a volatile session between $53.96 and $43.94. Around 66.2 million shares changed hands.
The slide is significant because IREN straddles two volatile sectors — crypto-linked stocks and the AI data-center space — ahead of its quarterly report due post-market Thursday. The upcoming earnings could either calm nerves or intensify volatility in an already skittish high-beta segment.
Bitcoin dropped roughly 3.3% to around $73,193, adding strain on miners tied to the cryptocurrency. Shares of MARA Holdings, Riot Platforms, CleanSpark, and Cipher Mining also fell.
Broader markets showed a mixed picture, with cryptocurrencies continuing to slide as investors pulled back from riskier bets. Bitcoin dropped roughly 3.6% at one stage on Wednesday, Reuters reported.
The selloff comes after forced positioning swept through crypto markets earlier this week. “What we’ve seen the last few months is probably people taking a step back while they have to reassess their risk frameworks,” said Adam McCarthy, a senior research analyst at Kaiko. Reuters
On Feb. 2, Jane Street Group and its affiliates disclosed ownership of 15.45 million shares of IREN, representing 4.7% of the class, according to a Schedule 13G/A filing. This U.S. disclosure form is used by investors holding significant stakes who typically do not aim for control.
The filing noted the stake covers roughly 342,817 shares that Jane Street Global Trading, LLC could acquire within 60 days by converting bonds.
IREN, an Australian firm, runs data centers that it claims are fueled by renewable energy. The company focuses on bitcoin mining and AI cloud services, Reuters reports in its profile.
Thursday’s report is the next major event. Investors will focus on updates about operating performance in its compute divisions and any shifts in spending or capacity plans that might affect cash requirements and funding expectations.
The downside is straightforward: if bitcoin keeps falling, miner stocks could plummet fast, and intraday liquidity might dry up right when investors try to exit. That could overwhelm company news, at least for a day or two.
Investors are eyeing IREN’s earnings report, set to drop after the U.S. market closes on Feb. 5. The company’s conference call will follow at 5 p.m. Eastern.
