Bitcoin and AI Cloud Stocks Lose 1 Trillion Won in Market Cap in Just One Day
By ATTN Desk · Editorial oversight: Sean Han
On December 21, Bitcoin mining and AI cloud company IREN Limited (NASDAQ: IREN) closed at $54.26, down 6.16%.
The drop wiped out roughly $1 billion (₩1.3 trillion) in market value, bringing total market capitalization to about $17.8 billion (₩23 trillion).
Trading volume reached 32.55 million shares, signaling increased short-term volatility.
On December 8, 2025, IREN restructured its debt by issuing $2.3 billion (approximately ₩3 trillion) in convertible notes and repurchasing approximately $544 million of existing convertible notes. It also raised about $1.6 billion (₩2.1 trillion) through a 39.69 million-share offering at $41.12 per share, securing funds for debt repayment and future growth investments.
Originally founded in Australia as Bitcoin miner Iris Energy, the company rebranded as IREN Limited at the end of 2024. It now combines Bitcoin mining with AI cloud services at renewable-energy-powered data centers in North America. In 2024–2025, IREN plans to deploy large-scale high-performance GPUs to expand its AI cloud and data center infrastructure, earning successive “buy” ratings from Wall Street analysts and investment banks as a growth stock in the emerging Bitcoin + AI infrastructure sector.