Culper Research announced a short position in Iris Energy, saying the company is a bitcoin miner “that now promotes itself as a high performance computing data center play.” The firm’s analyst shows Iris’ flagship Childress buildout “lacks numerous features that are critical” to high performance computing applications. The company’s co-CEO Daniel Roberts and his co-CEO and brother Will have started selling their own shares for the first time since the company’s initial public offering, the firm adds. “Since 2020, IREN has burned $716 million in cash, and funded this charade by diluting investors to seemingly no end – share count has exploded 12x in the past 4 years. We believe IREN is a painfully transparent stock promotion that will unravel as investors realize the Company’s HPC claims are nonsense and IREN remains a cash guzzling machine,” Culper adds. Shares of Iris Energy are down 4% to $12.39 following the short report.
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