IREN Surges 27% as Aschenbrenner Fund Liquidates $1B AI Portfolio
IREN has more than doubled off its 52-week low of $14.72.
Summary
Shares of IREN and other AI/crypto miners surged Thursday after reports that Leopold Aschenbrenner's Situational Awareness fund liquidated its $1 billion public-stock portfolio to meet margin calls. IREN led with a 27% gain, while Core Scientific and peers rose 20% or more. The forced selling had weighed on these stocks for weeks, and the removal of that overhang triggered a sharp relief rally. Citadel stepped in to buy the majority of the sold shares, signaling institutional demand at these levels. This follows IREN's massive pivot to AI cloud services, including a $3.4 billion NVIDIA contract and $2.8 billion in new AI deals announced earlier this month. The liquidation event clears a major technical pressure point, but the underlying AI infrastructure thesis remains intact.
At the time of this announcement, IREN was trading at $37.12 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $13.2B. The 52-week trading range was $14.72 to $76.87. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: The Block.