IREN Ltd. (IREN) Soars for 7th Day, as Firm On Track to Hit Hash Rate Target

IREN Limited (NASDAQ:IREN) is one of the 10 Stocks Leave Wall Street Stunned.

IREN Ltd. extended its winning streak to a 7th straight day on Friday, jumping 6.79 percent to close at $14 apiece, as investors continued to load up positions before the end of the month on optimism that it would hit its average operating hash rate target of 50 EH/s.

Earlier this month, IREN Limited (NASDAQ:IREN) announced that it was on track to hit 50 EH/s of operating hash rate by the end of June, or a 30-percent improvement from the 38.4 EH/s hash rate logged last month.

IREN Ltd. (IREN) Soars for 7th Day, as Firm On Track to Hit Hash Rate Target

A table full of technology, with bitcoin mining rigs and a laptop showing a financial graph.

According to the company, a 50 EH/s generates $977 million in annualized mining revenue at current mining economics.

As of June 5, 2025, IREN Limited (NASDAQ:IREN) said it has so far installed 41 EH/s of miners.

In the third quarter of fiscal year 2025, IREN Ltd. (NASDAQ:IREN) grew its net income after tax by 181 percent to $24.2 million from $8.6 million in the same period last year.

Revenues from Bitcoin mining soared by 164 percent to $141.2 million from $53.4 million year-on-year.

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