New York, Feb 5, 2026, 05:11 EST — Premarket
- IREN shares dropped 17.4% in the previous session, ending at $44.94
- Bitcoin lingered close to $70,000 while risk assets continued to face selling pressure
- IREN will release its quarterly results after the market closes, followed by a 5 p.m. ET conference call.
IREN Limited shares plunged 17.4% to close at $44.94 on Wednesday, hit hard amid a broader selloff in crypto-related and AI-adjacent stocks.
The timing is crucial. IREN plans to release its results for the quarter ending Dec. 31, 2025, after Thursday’s market close, with a conference call set for 5:00 p.m. Eastern. (GlobeNewswire)
Cryptos have taken another hit, dragging the sector down. Bitcoin dropped as much as 3.5% to $70,052 during Asian trading—its lowest since November 2024. Analysts linked the slide to anticipation that the incoming Fed chair might shrink the central bank’s balance sheet, tightening liquidity and hitting speculative bets. “The market fears a hawk with him,” said Manuel Villegas Franceschi from Julius Baer’s next generation research team. Deutsche Bank analysts added that the wider sell-off is fueled by institutional ETF outflows, as investors pull back from listed bitcoin exposure. (Reuters)
Other U.S.-listed bitcoin miners also took a hit in the previous session. Hut 8 slipped 8.3%, Cipher Mining tumbled 12.4%, CleanSpark dropped 10.1%, Marathon Digital slid 8.3%, and Riot Platforms declined 7.9%, according to the latest prices before the market opened.
U.S. stocks closed lower Wednesday, weighed down by doubts over lofty AI-related valuations. Advanced Micro Devices took a hit, pulling down chipmakers and software shares. “The market is suddenly skeptical and concerned about it,” said Jed Ellerbroek, portfolio manager at Argent Capital in St. Louis. (Reuters)
IREN finds itself caught in conflicting currents. The firm runs data centers and is linked to both bitcoin mining and AI cloud services, making it vulnerable when investors pull back from either sector. (Reuters)
Investors will dig into management’s latest take on compute demand, buildout speed, and the company’s strategy as crypto prices fluctuate and funding costs remain under scrutiny on Thursday.
Still, the situation works both ways. If bitcoin slips under $70,000, it could squeeze miners’ margins and weigh on market mood. Meanwhile, a fresh wave of selling in AI-related stocks might hold back high-beta names, no matter the earnings they report.
The next major event is the earnings report after the close, with a 5 p.m. ET webcast and Q&A session to follow. Traders will be focused on any changes in tone about near-term demand and spending. (IREN)
