Iris Energy Ltd, a renewable energy-powered data center operator focused on Bitcoin mining, saw its stock (NASDAQ: IREN) soar 5.08% on Friday as the broader cryptocurrency market rallied. The surge in Iris Energy's share price was fueled by a combination of factors, including the recent surge in Bitcoin prices and positive analyst coverage.

Bitcoin, the world's largest cryptocurrency, continued its remarkable run, reaching yet another all-time high above $107,000 on Friday. The rally was driven by investor expectations of an upcoming interest rate cut by the Federal Reserve, as well as the potential for a more crypto-friendly regulatory environment under the incoming administration.

Amid this bullish sentiment in the cryptocurrency market, analysts at BTIG initiated coverage on Iris Energy with a Buy rating and a price target of $22, citing the company's strong positioning as a low-cost Bitcoin miner and its aggressive expansion plans. The analysts praised Iris Energy's renewable energy-powered data centers and its ability to produce Bitcoin at a low cash cost of around $29,000 per Bitcoin.