Unusual Put Options Activity in IREN Following Bitcoin's Rise
Iren Ltd. (IREN), a company transitioning from Bitcoin mining to AI-related data center services, experienced unusual volume in out-of-the-money put options last week following a rise in Bitcoin prices. The stock closed at $44.68 on Friday after gaining over 7% for three consecutive days, ending a two-month decline. This surge coincided with increased institutional demand for digital assets and the Federal Reserve signaling less aggressive rate hikes. IREN has secured significant financing—$2.4 billion in GPU servers last week alone—for its AI cloud services, which have already outpaced Bitcoin mining revenue this quarter. Analysts project a dramatic increase in IREN's annual sales over the next two years, with price targets suggesting potential gains of more than 70%. The unusual put options activity suggests institutional confidence and expectations for continued growth. The heavy trading volume—over 14,000 long-dated puts at $40 strike prices—indicates bullish sentiment among investors. These positions offer a high yield with a low breakeven point of around $31.43, suggesting strong conviction in IREN's upward trajectory.
Tickers: $IREN
Topics: AI cloud services Bitcoin data centers IREN stock movement stock options volume