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Finance

Bitcoin Miner Iris Rises as Compass Point Upgrades on Potential Boost in Hashrate

Compass Point’s analyst upgraded Iris’ stock to a buy recommendation from a neutral.

By Michael Bellusci
AccessTimeIconSep 14, 2022 at 2:52 p.m. UTC
Updated May 11, 2023 at 5:39 p.m. UTC
(Michal Bednarek/Shutterstock)
(Michal Bednarek/Shutterstock)
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Shares of bitcoin miner Iris Energy (IREN) sharply rose Wednesday after research firm Compass Point upgraded its stock recommendation to buy from neutral.

Analyst Chase White said in a note to clients that IREN has potential to boost its contracted hashrate – and thus increase its bitcoin production – if the company can secure additional computing power at low cost, as it did with Bitmain in August.

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    • White also expects that if Iris can execute its strategy, its stock can trade at a premium versus other small-cap miners.

    IREN was trading hands at $4.59 at press time, up nearly 8% on the day. Compass Point has a price target of $6.50/share.

    Read more: Iris Energy Turns On 41 Megawatts of Bitcoin Mining Machines Ahead of Schedule


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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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    Michael Bellusci

    Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

    Follow @mikeybellusci on Twitter

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