Bitcoin mining company IREN's shares plummeted by 24% on Nasdaq following a report by short-seller firm Culper Research, labeling the company as "wildly overvalued". The report accused IREN of making exaggerated claims about its high-performance computing (HPC) plans and underinvesting in the required infrastructure.

Culper pointed out discrepancies in IREN's valuation compared to its peers and criticized its crypto mining operations. The report also highlighted IREN's failure to meet its hashrate targets and insider selling by its co-CEOs, which may have added to investor concerns. Despite the criticism, the blockchain industry remains optimistic, as DeFi and BRC 20 continue to gain traction.