IREN Shifts Focus from Bitcoin Mining to AI Infrastructure
IREN is transitioning from Bitcoin mining to AI infrastructure, aiming for $5 billion in EBITDA by 2030, according to a report from Bernstein. The firm notes that IREN is becoming a hyperscale AI cloud operator, which may provide better profit margins compared to its previous focus on Bitcoin mining.
Heads up: this article is over 30 days old and may contain price predictions or time-sensitive information that is no longer accurate.
IREN plans to pivot away from Bitcoin mining to establish itself as a hyperscale AI cloud operator. Analysts at Bernstein project that by 2030, the company could achieve $5 billion in earnings before interest, taxes, depreciation, and amortization (EBITDA), benefiting from AI rather than cryptocurrency.
Bernstein has adjusted its price target for IREN's shares from $125 to $100, while still rating it as an "outperform." The firm highlights IREN's shift in focus as the opportunity for growth in the context of Bitcoin trading approximately 40% lower than its October peak of $126,000. This decline negatively affects the mining sector's profitability.
The report indicates that IREN has contracted 150,000 graphics processing units (GPUs) and is projected to generate $3.7 billion in annual revenue once fully operational. By 2027, the AI segment alone is expected to yield over $2 billion in adjusted EBITDA, while revenue from AI cloud operations is forecasted to rise sharply from $16 million in 2025 to $1.4 billion in 2027.
Additionally, IREN operates on a substantial power portfolio of 4.5 gigawatts, with facilities being retrofitted for GPU usage in regions like British Columbia and Texas.
Summary based on original reporting by Lance Datskoluo at DL News, originally published Apr 28, 2026. SolanaWire does not republish source content.
Summer.fi Halts Lazy Summer Vaults After $6 Million Exploit
Decentralized finance protocol Summer.fi has paused its Lazy Summer vaults following an exploit that drained approximately $6 million from the platform, according to CoinDesk. The SUMR token fell over 18% after the incident was reported by several blockchain security firms, including Blockaid and PeckShield.
1 hour ago·CoinDesk·Reported by Francisco Rodrigues
Cantor Fitzgerald Highlights Importance of STRC for Strategy's Recovery
Cantor Fitzgerald emphasizes that restoring Strategy's preferred shares, STRC, to par is crucial for the company's recovery and its ability to resume bitcoin acquisitions, according to a report by CoinDesk. The Wall Street bank expects management to undertake frequent actions to stabilize its capital structure and benefit both preferred and common shareholders.
2 hours ago·CoinDesk·Reported by Will Canny
Bitmine Expands Ethereum Holdings by $74 Million Amid Regulatory Optimism
Bitmine Immersion has acquired an additional 42,197 ether, valued at approximately $74 million, as reported by CoinDesk. Chairman Tom Lee suggests this increased investment is driven by rising optimism toward the Clarity Act, which may improve regulatory clarity in the cryptocurrency space.
2 hours ago·CoinDesk·Reported by Krisztian Sandor
Vitalik Buterin Announces Major Overhaul for Ethereum's Future
Ethereum co-founder Vitalik Buterin reveals a new roadmap for the blockchain, indicating a comprehensive reconstruction over the next three to four years. This redesign, part of the 'Lean Ethereum' initiative, aims to enhance security, privacy, and scalability, marking a significant transition since the shift to proof-of-stake, according to Decrypt.
2 hours ago·Decrypt·Reported by Decrypt Agent
Trending this week
Securitize Plans Acquisitions with $400 Million Following NYSE Debut
Securitize intends to pursue acquisitions of complementary businesses with the $400 million it raised through its recent public listing, as reported by CoinDesk. CEO Carlos Domingo emphasizes the firm's focus on expanding its institutional tokenization services rather than acquiring competitors.
26 minutes ago·CoinDesk·Reported by Krisztian Sandor
Strategy Sells $216 Million in Bitcoin for Preferred Dividends
Strategy, a major corporate holder of Bitcoin, sold 3,588 BTC worth $216 million to fund preferred stock dividends, amid an $8.3 billion loss related to its digital assets, according to Decrypt. The company retains 843,775 BTC and has a cash reserve of $2.55 billion.
2 hours ago·Decrypt·Reported by André Beganski
Crypto Prices Rise Over Holiday Weekend Amid ETF Inflows
Following the July 4 holiday weekend, major cryptocurrencies see significant price increases, according to Decrypt. Bitcoin rebounds to over $63,000, while Solana climbs to $81 and Ethereum jumps to $1,770, with a key factor being positive ETF inflows.
3 hours ago·Decrypt·Reported by Tyler Warner
Michael Saylor's Company Sells 3,588 Bitcoin for $216 Million
On July 6, 2026, CoinDesk reports that Michael Saylor's Strategy sold 3,588 bitcoin, totaling about $216 million, to strengthen its dollar reserves for preferred stock dividends. The sale reduces the company's total bitcoin holdings to 843,775 BTC.
3 hours ago·CoinDesk·Reported by James Van Straten
