We recently published a list of 10 Stocks Are Dominating Like Wall Street Titans. In this article, we are going to take a look at where IREN Ltd. (NASDAQ:IREN) stands against other Friday’s best-performing stocks.
IREN Ltd. saw its share prices rise by 8.94 percent on Friday to close at $9.75 apiece as investors cheered its record Bitcoin mining performance last month.
In a statement, IREN Ltd. (NASDAQ:IREN) said that it was able to mine 627 Bitcoins last month, raking in revenues of $64.8 million. The figure was higher than the 579 in April and the 533 mined in March, which both generated $50.1 million and $45.3 million, respectively.
A table full of technology, with bitcoin mining rigs and a laptop showing a financial graph.
IREN Ltd. (NASDAQ:IREN) said that the higher Bitcoin production was supported by a higher average operating hash rate of 38.4 EH/s.
Looking ahead, the company was on track to install 50 EH/s by the end of the month, with more miners in the process of shipping from Southeast Asia.
In the third quarter of fiscal year 2025, IREN Ltd. (NASDAQ:IREN) grew its net income after tax by 181 percent to $24.2 million from $8.6 million in the same period last year.
Revenues from Bitcoin mining soared by 164 percent to $141.2 million from $53.4 million year-on-year.
Overall, IREN ranks 10th on our list of Friday’s best-performing stocks. While we acknowledge the potential of IREN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.
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