Bitcoin mining and data center company IREN Ltd saw its stock price plummet by 5.06% during Wednesday's intraday trading session. This sharp decline followed the company's announcement of ambitious expansion targets and a $1 billion at-the-market equity offering facility.
IREN Ltd's expansion plans, unveiled earlier in the day, aim to significantly increase its Bitcoin mining and data center capacities. However, the market appears to have reacted negatively to the news, potentially due to concerns about the company's ability to execute such a large-scale expansion while maintaining profitability and managing its debt levels.
The stock's plunge may also reflect broader market concerns about the impact of DeepSeek, a recently discovered vulnerability in Bitcoin's encryption algorithm. While IREN Ltd did not directly address DeepSeek in its announcement, investors could be weighing the potential implications for the company's operations and future prospects in the Bitcoin mining industry.
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