IREN - Buy Iris Energy Get Bitcoin Mining For Free

• IREN is a pure-play sustainable Bitcoin mining company that owns at least 84% of land and grid-connected power facilities to provide it with the flexibility to host other data centers.
• IREN's valuation suggests investors are buying into IREN's hard assets (property, facilities, and cash) and are getting its Bitcoin mining business for free.
• Although we currently find IREN to be fairly valued, IREN provides more upside if investors are willing to undertake more risks.
• We find that IREN is investable below $2.90 under the assumption that IREN stops mining Bitcoin if unprofitable, minimize non-cash expenses, minimize cash burns, and minimize ownership dilution.
• IREN's total mining cost per BTC is 30% higher than MARA and RIOT while stock compensation is similar to RIOT's or about half of MARA.

For further details see: