Bitcoin May Be Quiet Now but Institutional Flows Suggest a Bigger Move Ahead
Bitcoin Miner IREN’s AI Push Gains Momentum, Price Target Hiked 60% to $37: Canaccord
- News In 4 Seconds
Will Canny
- 0
- 29 minutes read
-
Back to menu
Prices
-
Back to menu
-
Back to menu
Indices -
Back to menu
Research
-
Back to menu
Events -
Back to menu
Sponsored
-
Back to menu
Videos -
Back to menu
-
Back to menu
-
Back to menu
Webinars
Select Language
Share this article
The broker noted IREN’s recent designation as an NVIDIA preferred partner, which came almost simultaneously with the announcement of the purchase of an additional 2,400 GPUs.
By Will Canny, AI Boost|Edited by Stephen Alpher
Aug 29, 2025, 1:41 p.m.
- Following IREN’s fourth quarter results, broker Canaccord raised its price target on the shares to $37from $24 on stronger AI and mining visibility.
- IREN’s Q4 bitcoin mining revenue hit $187.3M, with one of the industry’s most efficient fleets driving a $36,000 cost to mine, the report said.
- Shares are soaring 25% early Friday.
IREN (IREN) reported fourth-quarter results that highlighted rapid progress in both its bitcoin mining and artificial intelligence infrastructure businesses, according to a Friday research report by broker Canaccord Genuity.
The broker reiterated its buy rating on the stock and hiked its price target 60% to $37 from $24, citing stronger visibility in both mining and AI revenue streams.
STORY CONTINUES BELOW
Don’t miss another story.Subscribe to the Crypto Daybook Americas Newsletter today.See all newslettersBy signing up, you will receive emails about CoinDesk products and you agree to ourterms of useandprivacy policy.
In early trading, shares are higher by 25% to $28.75.
The company’s mining unit reached an annualized revenue run rate above $1 billion, powered by 50 exahash per second (EH/s) of capacity and one of the industry’s most efficient fleets at 15 J/TH, operating on 3.5 cent/kWh power, analysts led by Joseph Vafi wrote. That translates into a $36,000 cost to mine a bitcoin, well below market levels.
Bitcoin mining revenue came in at $187.3 million for the quarter, up 33% sequentially, while adjusted EBITDA jumped 46% to $121.9 million.
On the AI side, IREN is accelerating expansion, the report noted. The bitcoin miner quadrupled its hashrate and added another megawatt of power capacity, now totaling 3 MW, with further growth expected in fiscal 2025.
The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for competition in the industry and mining difficulty.
Canaccord also noted IREN’s recent designation as an NVIDIA (NVDA) preferred partner, which came almost simultaneously with the announcement of the purchase of an additional 2,400 GPUs.
With 2,910 MW of secured power capacity and some of the lowest all-in cash costs in the industry, Canaccord argues IREN is positioned to become one of the largest and most efficient publicly listed miners, with significant optionality in high-performance computing.
Read more: IREN Posts First Full-Year Profit on AI Cloud Growth, Mining Expansion; Shares Climb
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
More For You
By James Van Straten, AI Boost|Edited by Stephen Alpher
1 hour ago
The Amdax-backed initiative sets sights on Euronext listing; The founder of bitcoin miner Hut 8 is among the investors.
What to know:
- AMBTS has already secured $23.2 million in investor commitments, surpassing its minimum fundraising target, with the final round capped at $34.8 million by September 2025.
- Funds will be used to launch AMBTS’s dedicated bitcoin accumulation strategy, supporting its ambition to list on Euronext Amsterdam.
