Analyst resets price target for popular Bitcoin mining stock

IREN, formerly known as Iris Energy Limited, which recently adopted an AI-focused strategy, is projected to benefit from its move.

As per estimations shared by Bernstein, the Bitcoin mining firm is likely to see a hike in its share prices.

Related: What is Bitcoin mining? Explained

Bernstein's outlook on IREN

IREN stock reflected a gain of 12.86% on Sep. 25. With this, its current price has come to $47.14. Estimations from Bernstein analysts predict that the stock price could hit a historic high of $75.IREN trading at $47.14 at time of writing

"We believe IREN has made adequate progress for us to take the AI cloud business seriously, and build an investment case for re-rating," The Block quoted Bernstein analysts as saying in a note to clients.

IREN shares surge on AI Hype

In the last six months, the shares of the Australia-headquartered company have reportedly risen by 500%, making it the largest public BTC miner by market cap. Its shares have also logged 305% year-to-date profit - piggybacking on the AI hype.

IREN has been mining BTC since 2019. Later in November 2021 it went public at $28 per share.

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In July this year, the company started funding its pivot into AI. It started building its own AI cloud business in order to reduce the reliance on the on co-location deals with partners like CoreWeave (CRWV).

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The $670 million GPU deal that made it happen

Earlier this week, it has managed to acquire advanced GPUs from Nvidia and AMD - for nearly $670 million - in order to power its AI cloud business. This move gave IREN access to some of the most in-demand chips driving the global AI boom.

As of Sep 25, the company's market cap stands at $12.8 billion.

This story was originally reported by TheStreet on Sep 25, 2025, where it first appeared in the Investing section. Add TheStreet as a Preferred Source by clicking here.

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