On June 23, IREN Ltd declined 5.01% in pre-market trading, trading at $53.75/share, with turnover of approximately $9.34 million. The stock has retreated sharply from its recent levels near $61, extending a broader pullback from its June highs.

On the news front, a Blocksbridge Consulting report highlighted that public bitcoin miners require approximately $50 billion in capital to transition to AI infrastructure, with IREN facing the largest funding gap among peers at roughly $21.1 billion. The report emphasized that converting existing power facilities to AI-grade data centers demands significantly higher capital expenditure due to stricter requirements for cooling systems, power redundancy, and network connectivity compared to traditional mining operations.

Bernstein recently noted that IREN is among the most likely public miners to fully abandon bitcoin mining in favor of AI cloud infrastructure. While the company recently completed its acquisition of Nostrum Group to expand into Europe and secured a $9.7 billion computing agreement with Microsoft, concerns over leverage from its $3.65 billion investment-grade GPU financing continue to pressure shares. Jefferies initiated coverage with a buy rating and $79 target, and the analyst consensus target stands at $83.79.

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