Iris Energy Ltd, a Bitcoin mining company, witnessed a significant 5.80% pre-market surge on Monday as the cryptocurrency market rallied on the back of positive comments from President-elect Donald Trump regarding the creation of a U.S. bitcoin strategic reserve.

Bitcoin, the world's largest cryptocurrency, hit a record high of $106,533 during early Asian trading hours, fueled by Trump's suggestion that he plans to establish a bitcoin strategic reserve similar to the strategic oil reserve. This move is seen as a potential boost for the adoption and mainstream acceptance of cryptocurrencies.

As a company heavily involved in Bitcoin mining operations, Iris Energy Ltd stands to benefit from the rising prices and increasing institutional interest in the cryptocurrency space. The company's stock price reflected this optimism, with investors bidding up shares in anticipation of potential growth opportunities and increased profitability for Iris Energy's mining operations.