Crypto miner IREN, formerly known as Iris Energy, fell 24% on the Nasdaq following a short-seller report.
Bitcoin mining firm IREN — formerly Iris Energy — fell 24% on the Nasdaq after a report from short seller firm Culper Research slammed the company as “wildly overvalued” and claimed it is failing to splash the cash required to compete in the AI industry.
Culper — which disclosed its short-selling position on IREN — accused the company of talking “big game” about its high-performance computing plans while investing far less than what is required.
“IREN talks a big game of its HPC plans but ultimately seems entirely disinterested in actually doing what it takes to compete in the space,” claimed Culper in a July 11 short-seller report.
