Bitcoin and AI: A Dual Engine Surging Over 2 Trillion Won in Market Cap in One Day

IREN LIMITED, a Bitcoin mining and AI infrastructure company, surged 10.45% on the U.S. stock market, closing at $46.15 per share and reaching a market capitalization of about $153.1 billion (roughly ₩20 trillion). During the session alone, its market cap expanded by approximately $1.8 billion (about ₩2.3 trillion), with trading volume totaling some 29.55 million shares.

In its second quarter of fiscal 2026, IREN reported a net loss of about $155.4 million and revenue of $184.7 million, falling short of market expectations. Since that announcement, its share price has swung sharply in line with Bitcoin’s rebound. Nevertheless, 19 Wall Street analysts maintain a “moderate buy” consensus on the stock, with an average 12-month price target of around $67.

Founded in 2018 in Sydney, Australia, as a renewable energy–based Bitcoin miner, IREN has built a vertically integrated model by directly owning large-scale data centers and power infrastructure in North America and Australia. More recently, the company signed a GPU and AI cloud services agreement with Microsoft—estimated to be worth billions of dollars—and is attracting attention for its “dual-engine” growth strategy, which simultaneously drives its Bitcoin mining and AI infrastructure businesses.