Shares of Bitcoin mining company IREN fell 24% on Nasdaq following a report from Culper Research. The report, published on July 11, said the company was "overvalued" and suggested the shares should be valued 52-79% lower than the current market price. 📉

Culper Research noted that IREN made big claims about its high-performance computing (HPC) plans while avoiding investing in the necessary infrastructure. The report noted that IREN has talked big about its HPC plans but has shown little interest in doing what is needed to compete in this space. 🖥️

Culper claimed there were inconsistencies in IREN's evaluation of undeveloped land and energy deals. He pointed out that IREN spent just $4.7 million on the 1,400 MW West Texas interconnect deposit, even though it claimed those assets were worth $5 to $12 million for each megawatt.

The report also criticized IREN's crypto mining operations, saying, "We value the company's crypto mining operations at $0 to $100 million, which is a generous estimate considering it has historically burned cash." He also stated that IREN did not meet its targets, reaching a speed of only 5.5 exahash/second in April 2023, failing to reach the target of 10 exahash/second.