What's Going On With Iris Energy Stock Today?

Iris Energy Limited IREN shares are trading higher. The company on Wednesday announced that it increased its power capacity by 150MW at one of its sites.

What Happened: Bitcoin BTC/USD miner Iris Energy said it secured an additional 150MW of immediately available power capacity at its Childress site, bringing power capacity at the site up to 750 MW from 600MW.

The Childress site increase raises the company’s total secured grid-connected power capacity to 2,310MW. This increase follows the approval of network studies by ERCOT and execution of an amended connection agreement with AEP.

Iris Energy said it has 510MW of data centers planned in 2024 and 910MW of data centers planned in 2025. The company also noted that its 1,400MW West Texas site remains on schedule for 2026.

Iris Energy mined 233 bitcoin in June, up from 230 mined in May. The company noted at the beginning of the month that its 21% revenue jump in June reflected higher utilization of its GPU fleet and onboarding of new customers.

The company also provided a business update and announced that its 2024 expansion was fully funded. Iris highlighted its cash position of $425.3 million and zero debt and noted that it had an additional cash buffer that could provide flexibility related to procurement items for its 2025 expansion and beyond.

Iris Energy is due to report financial results for the second quarter after the market close on Aug. 5.

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How To Buy IREN Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Iris Energy's case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

IREN Price Action: Iris Energy shares were up 2.48% at $11.16 at the time of publication, according to Benzinga Pro.

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