🚀Bitcoin mining company IREN, formerly Iris Energy, saw its shares plunge by 24% on the Nasdaq! 😲 This drop follows a report from short-seller firm Culper Research, which labeled IREN as "wildly overvalued."

💼Culper Research accused IREN of making grand claims about its high-performance computing (HPC) plans while underinvesting in the necessary infrastructure. They even compared IREN's claims to showing up at the Monaco Grand Prix in a Toyota Prius. 🚗💨

📉Further allegations pointed to discrepancies in IREN's valuation of undeveloped land and power agreements. Culper accused IREN of misquoting a Morgan Stanley research note, which referred to the value of fully built infrastructure, not undeveloped assets.

🔍Culper's report also highlighted discrepancies in IREN's valuation compared to its peers. If IREN's valuation aligned with these figures, its shares could drop by as much as 55%.

🔥Culper also scrutinized IREN's crypto mining operations, ascribing $0 to $100 million in value to the company's crypto mining operations. They also pointed out IREN's failure to meet its hashrate targets and insider selling by IREN's co-CEOs, which may have fueled investor concerns.

🎢It's a rollercoaster ride in the world of Bitcoin mining! Stay tuned for more updates! 🎢