IREN is trading at 2.8% down now at $45.51 after a sharp multi-day run driven by AI and data center optimism has given way to volatility stemming from recent policy and financing headlines.
- The recent downturn follows concerns regarding policy changes in British Columbia, specifically proposed power allocation changes and a permanent crypto-mining grid ban impacting IREN's operating areas.
- Financing concerns were raised following the announcement of a $2.3 billion convertible notes deal and the repurchase of existing notes, leading to questions about balance-sheet health and potential dilution.