This impressive performance sent IREN’s stock up nearly 14% after hours. Meanwhile, Caliber’s shares skyrocketed 162% after the company announced plans to establish a Chainlink-based treasury despite facing a Nasdaq delisting notice for failing to meet equity requirements.
IREN Shares Jump on Record Results
Bitcoin mining firm IREN delivered its strongest quarter on record after reporting $187.3 million in revenue for the three months ended June 30. The stellar performance helped push its full-year revenue to $501 million, a new company high, while net income swung sharply into positive territory at $176.9 million.
The results were released on Thursday, and ignited investor enthusiasm. The company’s shares shot up 3.1% to $23.04 by market close and surged by close to 14% in after-hours trading, according to Google Finance data.
IREN’s share price over the past 24 hours (Source: Google Finance)
The impressive turnaround was fueled primarily by rapid growth in IREN’s Bitcoin mining operations, which positioned the firm among the top players in the industry. In July, IREN outpaced rival MARA Holdings in monthly production after mining 728 BTC compared to MARA’s 703 BTC. The company also scaled its installed Bitcoin mining capacity to 50 exahashes per second, though it has since paused further expansion in that area to sharpen its focus on artificial intelligence. Under current mining economics, IREN estimates its annualized revenue potential at $1 billion.
IREN’s pivot toward AI has been a key driver of its growth story this year. The company expanded its GPU fleet to 1,900 during the quarter, which is a 132% increase year-on-year, while becoming a “Preferred Partner” to Nvidia, granting it greater access to advanced hardware. Revenue from AI services—primarily renting GPU power for machine learning, training large language models, and supporting enterprise workloads—already reached around $25 million per month.
The firm now plans to spend $200 million to scale its GPU count to 10,900 by year-end, targeting $200 million to $250 million in annualized AI revenue by December. Longer term, IREN wants to install 60,000 of Nvidia’s Blackwell GPUs at its British Columbia site.
IREN’s growth outlook
The company’s success is a stark reversal from just a year ago, when short-selling firm Culper Research branded IREN as “wildly overvalued.” It even mocked its AI aspirations as ill-prepared.
Shares subsequently tumbled to $5.59 in April before mounting a dramatic 312% rally in the past four months. IREN also recently resolved a long-standing dispute with creditor NYDIG over $105 million in defaulted equipment loans tied to 35,000 Antminer S19s, and reached a confidential settlement that removed a lingering overhang. For now, IREN seems to have silenced its critics.
Caliber Jumps With LINK Pivot
Meanwhile, shares of real estate asset manager Caliber also soared on Thursday after the Nasdaq-listed company revealed plans to pivot toward a Chainlink-based digital asset treasury, even as it faces the risk of delisting. The firm’s board of directors approved a policy to allocate a portion of its funds toward acquiring LINK tokens.
Alongside the move, Caliber also announced the creation of a crypto advisory board to guide its management on digital asset strategy and related initiatives. Investors welcomed the news as Google Finance data showed Caliber’s stock jumping 162% over the past 24 hours, trading at $4.46 at press time.
Caliber’s share price over the past 24 hours (Source: CoinMarketCap)
The announcement was made just one day after Caliber disclosed that it received a written notice from Nasdaq stating that the company was no longer in compliance with Listing Rule 5550(b)(1), which requires firms to maintain at least $2.5 million in stockholders’ equity. According to its second-quarter SEC filing, Caliber reported a deficit of $17.6 million in stockholders’ equity, placing it at risk of being delisted from the exchange. The company has 45 days to submit a compliance plan, and up to 180 days to address the shortfall if its plan is accepted. Establishing a Chainlink treasury could be a means to raise capital and regain compliance.
Caliber delisting notice
Caliber’s strategy is part of a wider shift in the corporate treasury space, which was first pioneered by Strategy when it became the first public company to hold Bitcoin as a reserve asset. While early corporate treasuries were largely Bitcoin-focused, a growing number of firms are now experimenting with altcoin allocations.
This week alone, Trump Media and Technology Group launched a $6.42 billion Cronos treasury, while Sharps Technology almost doubled in value after unveiling a $400 million Solana treasury. However, not all companies have benefited from the trend. Windtree Therapeutics, which established a BNB treasury last month, lost 77% of its value after Nasdaq confirmed it would be delisted.
While the immediate market reaction has been positive for Caliber, the firm’s long-term survival on Nasdaq may hinge on whether this strategy actually generates enough capital to fill its equity deficit.
Source: https://coinpaper.com/10783/iren-stock-surges-after-record-earnings-and-ai-expansion
