Bitcoin miner IREN Limited’s stock (NASDAQ: IREN) blasted higher today as investors priced in the company’s pivot from pure-play bitcoin miner to an integrated AI-cloud operator. 

The stock jumped into double-digit gains after two separate analyst calls put fresh conviction behind the company’s strategy, and after IREN announced a massive GPU procurement that materially changes its revenue runway.

IREN has surged 110% in the past month to $48.75, including a 16.6% jump today, and is now up more than 530% over the last six months.

Why is IREN surging?

The headline drivers are straightforward: IREN says it has doubled its AI Cloud capacity to roughly 23,000 GPUs after…

Read more on BitcoinMagazine