Iris Energy Ltd (IREN), a bitcoin mining company, soared 7.39% in pre-market trading on Thursday, fueled by a confluence of positive factors.
Firstly, the Australia-based miner announced the pricing of its upsized $400 million convertible note offering, with proceeds earmarked to fund expansion plans, including ramping up its installed self-mining capacity to 50 EH/s and 810 megawatts of data centers by the first half of 2025. The successful fundraising provided a significant boost to the company's growth prospects.
Additionally, the surge was amplified by the rally in bitcoin prices, which climbed above $99,000 on Wednesday, buoyed by comments from Federal Reserve Chair Jerome Powell likening the cryptocurrency to digital gold, and news of President-elect Donald Trump's crypto-friendly nominee to lead the Securities and Exchange Commission. The favorable regulatory outlook and renewed investor confidence in bitcoin fueled a broader rally in crypto stocks like Iris Energy.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.