IREN (IREN) Stock Down Significantly After Jim Cramer Called it “Too Hot”

IREN Ltd. (NASDAQ:IREN) is one of Jim Cramer’s Biggest Cryptocurrency and Blockchain Stock Hits & Misses.

IREN Ltd. (NASDAQ:IREN) is an Australian data center company that also engages in Bitcoin mining. Its shares are up by a whopping 476% over the past year but are down by 25% since Cramer discussed them in September. November 2025 was a tough month for IREN Ltd. (NASDAQ:IREN)’s stock as it dipped by 44% between the 5th and 21st. On the 6th, the stock closed 12.4% lower. On that day, IREN Ltd. (NASDAQ:IREN) reported its fiscal first-quarter earnings report. The results saw the firm post $240 million in revenue and $1.07 in earnings per share to mark a 355% revenue growth and turn its year-ago loss into a profit. However, analysts had estimated IREN Ltd. (NASDAQ:IREN) to earn $241 million in revenue. Year to date, the shares are down by 17.8%, with one notable dip coming in February when they lost 16% between the 3rd and the 5th. On the 5th, IREN Ltd. (NASDAQ:IREN) reported its fiscal second-quarter earnings and outlined that revenue and operating income had sequentially dropped. Here is what Cramer had said about the firm in September 2025:

“There are other companies like IREN, which makes power centers for bitcoin mining and is looking to pivot to AI data centers. Hey, listen, CoreWeave took that strategy. IREN is actually profitable, but its stock has rallied 380%. Too hot.”

While we acknowledge the risk and potential of IREN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than IREN and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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