Iren Limited, an Australian AI cloud company and Bitcoin miner, experienced a significant decline in its stock price on Friday. The company's shares plummeted by 14% amid the rout facing Bitcoin (BTC), the leading digital currency.
The sharp decline in BTC prices has had a substantial impact on Iren's revenue, contributing to a 22% quarter-over-quarter drop in Q3 2026. This decrease is attributed to lower average Bitcoin prices and the decommissioning of mining hardware ahead of GPU installation and billing.
As a result, investors are dumping Iren stock, with shares in other neocloud companies that are also Bitcoin miners declining similarly. The possibility of higher interest rates from the U.S. Federal Reserve has added to the uncertainty surrounding the crypto market.