NEW YORK, Feb 23, 2026, 15:52 EST — Regular session.
- IREN surged almost 6% in afternoon trading, beating out the bulk of U.S.-listed crypto miners—even as bitcoin edged lower.
- The company heads into the MSCI USA Index lineup once markets wrap up on Feb. 27.
- Cantor Fitzgerald’s 13F dropped a 3.47 million-share IREN position at the end of the year—plus put options on top.
IREN Limited climbed almost 6% Monday, outpacing declines in bitcoin and outperforming other U.S.-listed crypto miners. By the afternoon, the stock was up roughly 5.8% at $42.28, with intraday moves between $38.94 and $42.55 on the Nasdaq.
Eyes are shifting to Friday. Earlier this month, IREN announced it’s set for inclusion in the MSCI USA Index after markets close on Feb. 27—a move that typically prompts index funds to adjust their holdings. “Being added to the MSCI USA Index reflects the scale and liquidity we have built in the business,” said co-CEO Daniel Roberts. GlobeNewswire
Another development shows up in the filings. Cantor Fitzgerald, L.P. reported holding 3.47 million IREN shares valued at around $131 million as of Dec. 31, according to a Form 13F dated Feb. 17. These 13F filings offer a quarterly look at what large U.S. equity managers own. Cantor’s disclosure also listed put options tied to 5.03 million IREN shares—derivatives that rise in value when the underlying stock drops.
After tumbling 7.7% to $39.98 on Friday, IREN bounced back, Reuters data show. These swings aren’t new for the stock—it’s shown a tendency for sudden moves, particularly when crypto-exposed stocks are in play.
IREN’s Feb. 5 quarterly update showed revenue dropping to $184.7 million in the three months ending Dec. 31, while the company swung to a net loss of $155.4 million amid its ongoing shift from bitcoin mining to AI cloud services. The firm reported locking in $3.6 billion in GPU financing under a contract with Microsoft. Cash on hand totaled $2.8 billion as of Jan. 31. IREN kept its sights on hitting $3.4 billion in annual recurring revenue by the end of 2026. “We are seeing the strongest demand environment to date,” Roberts said. GlobeNewswire
Execution is everything here. Building out GPUs burns through cash, and shifts in demand can happen fast. If bitcoin stumbles, miners could feel the pain—AI narrative or not.
Next up is Wednesday, as Nvidia lines up its Feb. 25 conference call once U.S. markets are shut—one to watch for a jolt to AI infrastructure stocks. Friday’s MSCI reshuffle could bring another challenge; if there’s any late surge of buying, it’ll probably be visible right at the finish.
IREN’s next moves likely hinge on passive inflows showing up as expected—and on bitcoin finding solid footing. A slip in either could see the stock quickly surrender recent gains.
