5 Bitcoin Miners That Are Now Data Center Companies

3. IREN Ltd (NASDAQ:IREN)

Number of Hedge Fund Holders: 53

Gautam Chhugani from Bernstein reaffirmed a Buy rating on IREN Ltd (NASDAQ:IREN), along with the price target of $100 on June 23. The firm’s price target reflects an impressive 117% upside from the current levels. The firm’s price target is slightly higher than the median Wall Street analysts’ price target of $82.

IREN Ltd (NASDAQ:IREN) has aggressively shifted its focus to become a major AI cloud provider, catering to the rising demand for AI infrastructure. On June 3, IREN announced that it has signed a transmission connection agreement for a planned 800-megawatt data center campus in Bundey, South Australia. This marks the company’s first disclosed data center project in Australia and is expected to be one of the largest in the Asia-Pacific region to date.

Under this agreement, IREN secured access to four high-voltage power connections at the utility’s substation. This provides the company with enough capacity to support up to 800 megawatts of power without significant additional investment in grid infrastructure. Furthermore, the data center company plans to start preliminary development work and begin purchasing equipment while it waits for regulatory approvals.

IREN Ltd (NASDAQ:IREN) operates in the data center business. The company owns and runs computing hardware, power systems, and data centers. It also mines Bitcoin by operating a peer-to-peer network of computers running Bitcoin software. The company was incorporated in 2018 and is based in Sydney, Australia.