12 Best Australian Stocks to Buy Right Now

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2. IREN Limited (NASDAQ:IREN)

Number of Hedge Fund Holders: 28

IREN Limited (NASDAQ:IREN) is among the 12 Best Australian Stocks to Buy Right Now. The stock has had a stellar 2025, with year-to-date gains of 94%, as of the close of business on August 14.

The wave has been fueled by impressive financial performance. IREN Limited (NASDAQ:IREN) in May posted a record revenue of $148.1 million during the third quarter of fiscal 2025, along with a 28% sequential increase in profit after tax. The robust results were driven by the company’s focus on large-scale data center sites, which are driving strong growth and margins.

The momentum has continued with the recent announcement of record monthly revenue and hardware profit for July, with a 17% increase in bitcoins mined and upgrades in AI cloud, bolstering bullish sentiment.

Expansion projects have also thrilled investors, such as the $130 million purchase of 2.4k next-generation Blackwell B200 and B300 GPUs from NVIDIA last month.

IREN Limited (NASDAQ:IREN) owns and operates data centers powering the future of Bitcoin and artificial intelligence using renewable energy. Wall Street analysts maintain a positive outlook for the stock, with a consensus Buy rating and an average share price upside potential of 16.8%.

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