1) $IREN - Intro I believe that $IREN is THE stock to hold over the coming years, as it is positioned at the center of the two strongest 'narratives' of this business cycle & bull market – AI and Bitcoin. This small cap, with a market cap of just ~$2.3 billion, builds and

2) $IREN' Founders $IREN was founded by the brothers Daniel and Will Roberts, who continue to serve as Co-CEOs to this day. Dan, now in his early 40s, takes on the public-facing role, representing the company and engaging with external stakeholders. In contrast, Will, who’s in

3) $IREN's Infrastructure Portfolio After gaining extensive experience in the energy infrastructure sector, the Roberts brothers launched $IREN with a clear focus: finding land with access to the cheapest available energy. Contrary to popular belief, many renewable energy

4) $IREN's AI ENTRY While Bitcoin mining operations currently remain Iren’s primary revenue source, the company is increasingly shifting its focus to high-performance computing (HPC) for AI cloud hosting. It’s worth noting that Iren has publicly expressed its interest in the AI

5) AI: Financial Metrics & Models While $IREN hasn’t yet disclosed pricing on their upcoming H200 units, they currently charge between $2 and $2.5 per GPU hour for their H100 fleet, positioning them as one of the most competitively priced options in the market. In comparison,

6) AI Wrap-Up & Closing Remarks I want to re-emphasize that the biggest risk to the AI/HPC sector is the potential for GPU-hour prices to decline more rapidly than expected, which would erode ROIs. While gradual price reductions are anticipated and accounted for in my models,

7) $BTC Mining: Unprecedented Growth Iren has rapidly established itself as the fastest-growing Bitcoin mining company in history. In 2023, it set a new industry record by increasing its operating hash rate by an impressive 250% within a single calendar year. However, this

8) $BTC Mining: Industry-leading Efficiency Besides being the fastest-growing BTC mining company, $IREN is also currently the most profitable. In October, the company achieved an exceptionally low energy cost of just $20,834 per BTC. Since energy expenses make up the vast

9) $BTC Mining: Diminishing Returns or Market Opportunity? Despite recent improvements in mining economics (i.e., BTC price making new ATHs), the mining industry has faced severe economic challenges over the past two years. Rising competition and Bitcoin prices that lagged

10) Risks Every investment carries risks, and $IREN is no exception. However, I believe its risks are relatively modest in relation to its potential upside. That said, here are the key risks associated with $IREN: BTC Mining Economics Worsening Although Iren has recently

11) Valuation & Price Target I fully acknowledge that valuing a company like Iren is a challenging task, involving significant nuance and ambiguity. BTC miners, in general, are difficult to value, as much of their revenue and subsequent earnings depend on factors outside their

12) Closing remarks I want to give a huge S/O to the following individuals who have helped me tremendously over the past few months by providing valuable insights and assisting with my research on this company through private discussions: @FransBakker9812 @TheKamaHsutra

@Agrippa_Inv wow someone is actually more bullish than me

@theBTCMiningGuy

@Agrippa_Inv 🚀🚀🚀

@pamelawright

@Agrippa_Inv A lot of work went into it. 🫡 Now, we just need to be patient for the thesis to play out. $IREN 2025 is going to be a monster.

@web3_eth Totally agree! Great times to come, I'm certain 📈

@Agrippa_Inv @thesamparr @ShaanVP @awilkinson I heard you guys' discussion on the pod today. Here is the deepest dive online for $IREN. Here is the CEO @danroberts0101 Grab a cup of coffee/hit a line and digest this sh*t.

@JarronJackson4 @thesamparr @ShaanVP @awilkinson @danroberts0101 😂🔥

@Agrippa_Inv I'm still not done through reading this because of other obligations... but I think Peter Jackson might just make a trilogy out of this because it's so EPIC!!!

@TheKamaHsutra Hahaha 😂🔥 best comment

@Agrippa_Inv Great analysis. Very enlightening, thank you.

@MontanaMatos Appreciate it, thank you!

@Agrippa_Inv Excellent work 10/10! I'm very confident about $IREN and the team 😌 $IREN is current price is criminal 😅 HODL ✊

@clean_hodl Very kind Sir! 😄

@Agrippa_Inv Hey, Look at their Dilution and stock based compensation, they more than doubled thir shared intact 152% dilution since January 2024 , how could you expect the shares to go up ?? And they don't HODL BTC , like other miners

@sahebson I addressed this topic in “Risks”.

@Agrippa_Inv This is by far the most integrative, in-depth analysis of any stock on X. Thank you for this high- quality post! $Iren will make many millionaires.

@BillionaireOrth Very kind!! 🔥 And I agree, $IREN will make a lot of folks very wealthy

@Agrippa_Inv Legend! Keep up your great work Agrippa

@BTCYESPLS Always! 💪🔥

@Agrippa_Inv Great read! Thank you. You think its likely ERCOT will somehow encourage / incentivize btc mining as a flexible shill around AI / HPC datacenters to prevent possible surge in energy prices longer term? So btc mining as part of AI infrastructure?

@prdndm I’m not expecting it, but I would very much welcome it! ;) Not sure how likely this is though. How likely do you think that this will materialize over the coming years?