NEW YORK, March 4, 2026, 14:28 EST
- IREN shares rose about 12% in afternoon trading as bitcoin climbed.
- Rival miners Marathon Digital and Riot Platforms also gained.
- The move follows a choppy stretch for risk assets tied to cryptocurrency prices.
Shares of IREN Limited (IREN.O) rose about 12% on Wednesday, snapping back after a weak prior session as bitcoin climbed. The stock was last up 12% at $43.59, after trading as low as $39, with roughly 25.8 million shares changing hands; bitcoin was up about 7% near $73,700 after swinging between roughly $67,500 and $74,000.
The move put crypto-linked stocks back on traders’ screens as risk appetite steadied in broader markets. “Bitcoin’s gains encouraged long-term and short-term traders to take on risk,” said Michael James, an equity sales trader at Rosenblatt Securities. Reuters
IREN runs data centers powered by renewable energy and sells computing capacity for bitcoin mining and AI cloud services, according to Reuters. Its facilities span Canada and Texas, a setup that has made the shares a high-beta read on both crypto prices and demand for AI computing chips.
Other miners rose in tandem. Marathon Digital (MARA.O) gained about 7%, Riot Platforms (RIOT.O) rose about 7.5% and Cipher Mining (CIFR.O) climbed about 8%.
IREN drew wider attention last year after Microsoft signed a $9.7 billion, five-year contract with the firm that includes access to Nvidia’s advanced chips, Reuters reported at the time.
In February, IREN said it would be added to the MSCI USA Index after the close on Feb. 27. “Being added to the MSCI USA Index reflects the scale and liquidity we have built in the business,” co-chief executive Daniel Roberts said. GlobeNewswire
The company has also been pitching growth tied to AI infrastructure alongside mining. “With more than 4.5GW of secured power, we are able to advance a broad set of opportunities,” Roberts said in its most recent quarterly update, alongside a target of $3.4 billion in annual recurring revenue by end-2026. GlobeNewswire
But the trade can turn quickly. A renewed drop in bitcoin, higher power prices, or delays in building and filling AI capacity could squeeze cash flow and hit sentiment, even after Wednesday’s rebound.
Bitcoin miners earn new coins and transaction fees for helping secure the network, and their economics tend to swing with the token’s price. That’s why their equities often magnify bitcoin’s moves — up or down — especially on high-volume days like this.
