Bitcoin Miner IREN Faces Criticism Amid Market Drop
Bitcoin mining firm IREN, previously known as Iris Energy, experienced a significant 24% decline on the Nasdaq following a critical report from short-seller Culper Research. The report alleges that IREN is greatly overvalued and lacks investment in competitive AI technologies. Culper criticized IREN for not matching its ambitious high-performance computing plans with adequate spending, falling short of industry norms. The report also highlighted concerns about IREN's inflated valuation and questioned its ability to compete effectively. Culper's report also mentioned unfulfilled commitments and insider selling by IREN's co-CEOs. This situation echoes Culper's previous criticisms of Bitcoin mining companies. Despite the market downturn, IREN's shares partially recovered by the end of the trading day.
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