📉 Bitcoin miner IREN's shares took a 24% nosedive on Nasdaq, following a report from Culper Research. The firm called IREN "wildly overvalued", suggesting a 52-79% lower valuation. 😮

• Culper accused IREN of overhyping its high-performance computing plans, while underinvesting in infrastructure.

• The report also pointed out discrepancies in IREN’s valuation of undeveloped land and power agreements.

• IREN's crypto mining operations were also scrutinized, with Culper assigning a generous $0 to $100 million value to it.

Despite the dip, the market remains optimistic. 🚀 What are your thoughts on IREN's future? Let's chat below! #CryptoNews #DeFi