IREN Limited’s (IREN) Fresh Funding Round Highlights Financial Worries 

IREN Limited (NASDAQ:IREN) is among the hidden multibagger stocks to invest in. IREN’s downtrend continued this week, as on December 2, it announced $3.6 billion in fresh funding. Of this, $2 billion came from newly issued convertible notes, while the remaining came from the sale of common stock. As a result, shares fell 15%. Over the last month, the stock has lost more than half of its value.

Jim Cramer took to the social media platform X to announce his bearish stance on the company, asking investors to stay away from companies that are announcing fresh financing. However, on Morgan Brennan’s CNBC show ‘Closing Bell Overtime’, Dan Roberts, the Co-CEO of the company, talked about how the company was struggling to meet demand ‘fast enough’. This was at a time when the stock was approaching its all-time high.

During this bullish phase, the company’s fundamentals were also improving. The first fiscal quarter saw the company almost double its cash and cash equivalents to $1 billion. The $9.7 billion AI contract with Microsoft also helped support the optimistic view. These fundamentals remain intact, supporting the multibagger case for this stock.

IREN Limited (NASDAQ:IREN) is an Australian company that specializes in data centers for AI and bitcoin mining, among other things. It is committed to using 100% renewable energy to power its data center and is headquartered in Sydney, Australia.

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Disclosure: None. This article is originally published at Insider Monkey.