New York, Jan 20, 2026, 11:39 EST — Regular session
- IREN shares dropped as much as 10% earlier but pared losses to finish around 0.5% lower.
- Bitcoin dropped roughly 3%, dragging down U.S.-listed crypto miners like Marathon, Riot, and CleanSpark.
- Tariff headlines rattled markets, denting risk appetite and pushing volatility higher.
IREN Limited shares tumbled as much as 10% early Tuesday before clawing back some losses to close down 0.5% at $57.52. Trading volume hit roughly 24 million shares by late morning.
IREN remains caught in the volatile “bitcoin proxy” trade, with mining stocks frequently amplifying bitcoin’s swings. These stocks can pivot sharply when traders decide to reduce risk.
IREN also falls into a second category: AI-linked data centers. This dual focus has been tugging the stock both ways, and lately, the market hasn’t shown much patience.
Bitcoin slipped roughly 3% to near $90,372. U.S.-listed mining stocks mostly dragged lower as well. Marathon Digital slid about 5.7%, Riot Platforms dropped 3.1%, and CleanSpark dipped 2.4%.
Wall Street opened sharply lower, hit by fresh U.S. tariff threats that spooked investors. “Who knew what the pinprick was going to be? But we found it,” said Marc Chandler, chief market strategist at Bannockburn Capital Markets. 1
IREN, headquartered in Australia, runs data centers fully powered by renewable energy, focusing on bitcoin mining and AI cloud services, LSEG data shows. Its facilities span British Columbia and Texas. 2
In November, IREN inked a multi-year deal with Microsoft worth roughly $9.7 billion to roll out AI cloud infrastructure centered on Nvidia’s GB300 chips. Co-CEO Daniel Roberts described it as a “milestone partnership.” Microsoft’s Jonathan Tinter highlighted the move as “delivering cutting-edge AI infrastructure” for clients. The contract features a 20% prepayment and is expected to boost annualized run-rate revenue by about $1.94 billion once fully operational — that’s the projected yearly revenue at full capacity. 3
The AI expansion demands significant capital, and Reuters noted at the deal’s unveiling that Microsoft could cancel the contract if IREN misses its delivery deadlines. This execution risk adds to the typical crypto challenge: mining revenue usually follows bitcoin’s price, but power and operating expenses don’t adjust as predictably. 4
IREN bounced back from its session low, outperforming some mining rivals despite bitcoin remaining under pressure. But that edge could disappear fast if the token continues to slide.
Investors are turning their attention to the upcoming earnings report for clearer insight into AI cloud deployment and mining profitability. The company hasn’t set a date yet, but MarketBeat’s calendar projects results around Feb. 11, after the market closes. 5
