đ 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. đź
âą Culper accused IREN of overhyping its high-performance computing plans, while underinvesting in infrastructure.
âą The report also pointed out discrepancies in IRENâs valuation of undeveloped land and power agreements.
âą 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. đ What are your thoughts on IREN's future? Let's chat below! #CryptoNews #DeFi