Iren’s stunning share price rally has been derailed by a short seller’s report that said the bitcoin miner overstated its AI potential.
Already a subscriber?Shares in New York-listed, Australian-born bitcoin miner Iren fell more than 20 per cent overnight, after a short seller published a report attacking the company’s ability to use its data centres to house artificial intelligence chips.
“We believe Iren is a painfully transparent stock promotion that will unravel as investors realise the company’s HPC claims are nonsense and Iren remains a cash guzzling machine,” the activist research firm said. Culper Research also highlighted that Iris’ co-chief executives, Dan and Will Roberts, had been selling shares since February, for the first time since the company’s initial public offering in 2021.
“We encourage debate and value intellectually honest discourse. However, not all engagement meets these standards,” Mr Roberts said.“We remain focused on our growth to 30 EH/s of mining capacity this year, serving our AI cloud service customers and pursuing monetisation opportunities for our broader power and land portfolio.”
Culper Research’s recent short campaigns have proved mixed. Last year, it took on five Nasdaq-listed stocks including GigaCloud Technology and SoundHound, which are up 300 per cent and 140 per cent respectively since Culper’s campaign began. Meanwhile, Xometry and Xpel have shed 56 per cent and 31 per cent of their value since Culper began shorting their stocks.the US-based drug licensing partner of ASX-listed Neuren Pharmaceuticals.
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