TECH - Iris Energy's Bitcoin Mining Ventures: Overvalued Or Underestimated? | Benzinga
Analysts at Bernstein on have rebutted Culper Research’s negative report on Iris Energy Ltd (NASDAQ:IREN), defending the company’s AI and bitcoin mining prospects.
What Happened: On Thursday, IREN fell over 13% following Culper’s report, which claimed IREN shares were overvalued by 52% to 79%, The Block reported. Culper valued Iris Energy’s crypto mining operations between $0 and $100 million.
Iris Energy has responded to the Culper Research report, with a spokesperson telling Benzinga, "As a public company we are limited in how much we can say about reports of a certain nature. We encourage debate and value intellectually honest discourse. However, not all engagement meets these standards."
"We remain focused on our growth to 30 EH/s of mining capacity this year, serving our AI cloud service customers, and pursuing monetization opportunities for our broader power and land portfolio," the spokesperson added.
In a note to clients, Bernstein analysts Gautam Chhugani ...