IREN may hold an advantage in the data center sector, thanks to the power contracts it secured during the Bitcoin mining boom. The company has established a first-mover advantage in data center construction, as access to reliable energy is becoming a critical bottleneck.
Iren Limited (NASDAQ: IREN) has recently attracted attention in the Bitcoin mining stock space, potentially signaling a shift in sentiment towards mining companies as a whole. Traditionally, IREN's stock price has been closely tied to Bitcoin prices and the overall sentiment in the cryptocurrency market.
As of April 2026, IREN is entering a pivotal turning point, where its stock price may begin to reflect narratives around artificial intelligence, gradually reducing its dependence on the cryptocurrency market. IREN's stock is trading around $45.12, rebounding from a low of $31.62 at the beginning of the year.
IREN's rebound in April highlights its strong portfolio of power contracts. | Source: Google Finance
IREN Continues to Attract High Short Interest
IREN's short interest has frequently been on the rise. As of April 22, short interest accounted for 18.42% of the stock's free float.
Bitcoin mining stocks are being shorted, with expectations that the role of miners will diminish. However, miners may still derive profits from their Bitcoin operations, holding substantial reserves and maintaining some self-mining activities.
IREN May Avoid Major Bottlenecks in U.S. AI Data Centers
IREN is one of the largest power acquirers in the Bitcoin mining sector. The company owns land and its own substations.
The company will continue to increase its power acquisition, with another data center expected to secure 750 megawatts of power.
In the context of U.S. data centers competing for reliable energy supplies, IREN is in a significantly advantageous position. Previously, data centers faced fewer bottlenecks in acquiring GPUs, memory, or other technological elements.
In this scenario, Bitcoin mining companies may have a relative advantage, allowing them to transition more smoothly into the AI sector, avoiding further difficulties and delays.