Bernstein Says IREN to Fully Exit Crypto Mining Within Years

JH Kim

Summary

Bernstein said IREN is shifting from cryptocurrency mining to an AI-focused business and will fully shut down its mining business within the next several years.
Bernstein cut its price target on IREN to $100 from $125, while maintaining its Outperform rating.
The lower target reflects a reduction in Bitcoin (BTC) mining scale and dilution from a recent share sale, and is unrelated to its AI business outlook.

Forecast Trend Report by Period

IREN is set to pivot from cryptocurrency mining to an AI-focused business, in a shift that reflects broader changes across the industry.

Decrypt reported on April 28 that Bernstein said in a report IREN is rapidly transforming into a high-speed AI cloud company and will fully wind down its mining business within the next several years.

Bernstein lowered its price target on IREN to $100 from $125, while maintaining its Outperform rating.

The firm said the lower target reflects a smaller Bitcoin mining operation and dilution from a recent share sale, not any change in its outlook for the company’s AI business.

Investors are also watching a broader shift among mining companies toward AI and data-center businesses. The speed of that transition and changes in profit structure are seen as key variables.