What's Going On With Bitcoin Miner Iris Energy Limited Stock?

Iris Energy Limited IREN shares are trading higher Thursday after the company announced that its 10 EH/s expansion is fully funded following the completion of its targeted equity raising program.

What To Know:

Iris Energy provided a business update stating that the 10 EH/s expansion has been fully funded following the completion of its equity raising program and that the expansion is proceeding ahead of schedule. The company also said that the delivery and installation of 248 NVIDIA H100 GPUs to service the generative AI market has commenced at its Prince George site.

Iris Energy Ltd. is a Bitcoin mining company that builds, owns, and operates data centers and electrical infrastructure for the mining of Bitcoin powered by renewable energy.

Bitcoin BTC/USD continues to rally near 2-year highs and is currently trading at $43,778.78, according to data from Benzinga Pro.

Iris Energy shares are climbing on heavy trading volume following the company's update. According to data from Benzinga Pro, more than 9 million shares have been traded in the session, compared to the stock's 100-day average volume of 2.649 million shares.

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IREN Price Action: According to Benzinga Pro, Iris Energy shares are up 30% at $7.18 at the time of publication.

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