Tradr 2X Long IREN Daily ETF

$IREN(IREN.US)cannot believe this stock drop to the bottom. waiting for it for few months to shot up. no choice to dca to lower my avg

$IREN(IREN.US)

Context: Iren recorded $137.2 million in revenue for the fourth fiscal quarter. Among this, AI cloud service revenue rose from $33.6 million in the previous quarter to $70.5 million, accounting for about 51.4% of total quarterly revenue and surpassing the Bitcoin mining business ($66.7 million) for the first time. While AI cloud revenue grew, asset impairments posed a significant drag on current-period earnings. On a GAAP basis, IREN's fourth-quarter net loss widened to $684 million from $247.8 million in the prior quarter, far exceeding the analyst estimate of $204.3 million. The loss was mainly driven by two non-cash items: an impairment on mining equipment assets of approximately $450.4 million and a decrease in the fair value of mining equipment held for sale of about $102.1 million, totaling $552.5 million and accounting for roughly 81% of the quarterly net loss.

My Trade: Patiently waiting for low $30s before considering to average down. The stock did drop to lowest $28 in the past month so there's the dip opportunity there.

Takeaway: Quite ironic that the decrease in fair value of mining equipment and impairment of mining equipment were the main drivers of the loss for the 4th quarter as Bitcoin is now back on the rise again. Despite this short term pressure and turnover, Iren has secured good deals with mega cap companies like Nvidia and Microsoft, so I still believe in the long term trajectory. @Captain's Treasure