615 Investor

Strategy consultant, economist and value investor focused at the intersection of energy, finance and tech.

[615 Investor @615Investor]

Pack it up, its over for $IREN

[615 Investor @615Investor]

@Kaizen_Investor Jensen

[615 Investor @615Investor]

@TeraWulfInc @bitcoinbutcher1 Love to see it.

[615 Investor @615Investor]

@BitcoinAIGuy I’ve sent that same letter a few times but they’ve yet to respond

[615 Investor @615Investor]

🚨 This was a banger. Lots of alpha from @RaiseSummit $IREN

@LandoInvests @Kaizen_Investor @OMCapitalGroup @bitcoinbutcher1

[Lando @LandoInvests]

https://t.co/dsRIcm2vm2

[615 Investor @615Investor]

@FransBakker9812 @RaiseSummit They should get on the same page with NVDA’s five layers

[615 Investor @615Investor]

@amitisinvesting Wen Ceasefire?

[615 Investor @615Investor]

@bitcoinbutcher1

[615 Investor @615Investor]

I'm here for the idea of Bitcoin in Trump Accounts.

[615 Investor @615Investor]

Wulf signs Anthropic and only gets back to trading price on 6/30. Deals aren’t moving the needle as they once were unfortunately

Love this deal for the $WULF team.

[615 Investor @615Investor]

@BitcoinAIGuy @scludweed Nothing has happened obviously but a lot of chatter over the weekend. MM’s knew what they were doing last week. Something is going to get announced at Raise.

[615 Investor @615Investor]

@neel_epochal Great clarification - appreciate the background. Figured you had more insight on this than I. Thanks

[615 Investor @615Investor]

@neel_epochal Here’s what I came up with on this

[615 Investor @615Investor]

Been digesting the massive $IREN RSU package.

Everyone on X is crying greed, talking about massive corporate payouts without performance stipulations, and some have left the stock completely in the past 48 hours.

Here's an angle I have not seen discussed anywhere on X. To be clear, this is a theory that I am not fully convinced is the definitive reason behind the package, but there is a real probability this is the play.

The current set of constraints for IREN comes down to a massive funding, infrastructure, and labor challenge. Building out a 5-gigawatt pipeline takes tens of billions of dollars, huge physical manpower, and sub-components facing brutal supply bottlenecks. To do it alone, they either have to drag the timeline out for years or heavily dilute existing shareholders to raise the cash.

To solve all of the constraints, I’m sure the board and co-founders are wrestling with some interesting dynamics. Everyone with capital, all the hyperscalers, and NVDA are positioning themselves in this arms race. None of them have the pipeline that IREN had the foresight to secure.

This brings up the idea of an acquisition or exclusive partnership. And before I get too far, I am sure there are going to be long-time shareholders that completely dismiss this; they believe the Roberts Brothers are taking this to the finish line 2-3 decades from now - Fine. If you get to the point where “going it alone” becomes unfeasible, you have to at least consider this or be prepared in the event the right offer comes along. If the ultimate endgame is to position the company for the right buyer to solve these constraints down the road, that buyer will absolutely demand the dual-class voting structure be dissolved.

Look at the rough math on current ownership by the founders. The Roberts brothers own over 75% of the voting shares through a dual-class voting structure, meaning nothing happens without them. They previously owned roughly 8% of IREN, which is about 28 million shares combined or 14 million shares each. They just added roughly 18 million shares combined with the new multi-year RSU package, bringing their individual tracking up toward 23 million shares each.

I believe its possible this RSU grant was worked out between the Board and the Founders as part of a negotiation for converting their absolute voting control into equity today so the pieces are already in place when the right offer comes in.

That acquisition or major partnership may not be imminent—this could happen next week or maybe 1-2 years out—but the board needs to be prepared.

Feel free to poke holes in this idea, welcome the feedback.

[615 Investor @615Investor]

@SonOfJorgeFloyd @mikealfred 🤝

[615 Investor @615Investor]

@BitcoinAIGuy Somebody Knows.

[615 Investor @615Investor]

@mikealfred Here's my prediction on the $IREN package.

https://t.co/Af5WNKrS3q

[615 Investor @615Investor]

Been digesting the massive $IREN RSU package.

Everyone on X is crying greed, talking about massive corporate payouts without performance stipulations, and some have left the stock completely in the past 48 hours.

Here's an angle I have not seen discussed anywhere on X. To be clear, this is a theory that I am not fully convinced is the definitive reason behind the package, but there is a real probability this is the play.

The current set of constraints for IREN comes down to a massive funding, infrastructure, and labor challenge. Building out a 5-gigawatt pipeline takes tens of billions of dollars, huge physical manpower, and sub-components facing brutal supply bottlenecks. To do it alone, they either have to drag the timeline out for years or heavily dilute existing shareholders to raise the cash.

To solve all of the constraints, I’m sure the board and co-founders are wrestling with some interesting dynamics. Everyone with capital, all the hyperscalers, and NVDA are positioning themselves in this arms race. None of them have the pipeline that IREN had the foresight to secure.

This brings up the idea of an acquisition or exclusive partnership. And before I get too far, I am sure there are going to be long-time shareholders that completely dismiss this; they believe the Roberts Brothers are taking this to the finish line 2-3 decades from now - Fine. If you get to the point where “going it alone” becomes unfeasible, you have to at least consider this or be prepared in the event the right offer comes along. If the ultimate endgame is to position the company for the right buyer to solve these constraints down the road, that buyer will absolutely demand the dual-class voting structure be dissolved.

Look at the rough math on current ownership by the founders. The Roberts brothers own over 75% of the voting shares through a dual-class voting structure, meaning nothing happens without them. They previously owned roughly 8% of IREN, which is about 28 million shares combined or 14 million shares each. They just added roughly 18 million shares combined with the new multi-year RSU package, bringing their individual tracking up toward 23 million shares each.

I believe its possible this RSU grant was worked out between the Board and the Founders as part of a negotiation for converting their absolute voting control into equity today so the pieces are already in place when the right offer comes in.

That acquisition or major partnership may not be imminent—this could happen next week or maybe 1-2 years out—but the board needs to be prepared.

Feel free to poke holes in this idea, welcome the feedback.

[615 Investor @615Investor]

@mikealfred @mikehilliervb @BitcoinAIGuy @FransBakker9812 @moninvestor @jiahanjimliu

[615 Investor @615Investor]

Been digesting the massive $IREN RSU package.

Everyone on X is crying greed, talking about massive corporate payouts without performance stipulations, and some have left the stock completely in the past 48 hours.

Here's an angle I have not seen discussed anywhere on X. To be clear, this is a theory that I am not fully convinced is the definitive reason behind the package, but there is a real probability this is the play.

The current set of constraints for IREN comes down to a massive funding, infrastructure, and labor challenge. Building out a 5-gigawatt pipeline takes tens of billions of dollars, huge physical manpower, and sub-components facing brutal supply bottlenecks. To do it alone, they either have to drag the timeline out for years or heavily dilute existing shareholders to raise the cash.

To solve all of the constraints, I’m sure the board and co-founders are wrestling with some interesting dynamics. Everyone with capital, all the hyperscalers, and NVDA are positioning themselves in this arms race. None of them have the pipeline that IREN had the foresight to secure.

This brings up the idea of an acquisition or exclusive partnership. And before I get too far, I am sure there are going to be long-time shareholders that completely dismiss this; they believe the Roberts Brothers are taking this to the finish line 2-3 decades from now - Fine. If you get to the point where “going it alone” becomes unfeasible, you have to at least consider this or be prepared in the event the right offer comes along. If the ultimate endgame is to position the company for the right buyer to solve these constraints down the road, that buyer will absolutely demand the dual-class voting structure be dissolved.

Look at the rough math on current ownership by the founders. The Roberts brothers own over 75% of the voting shares through a dual-class voting structure, meaning nothing happens without them. They previously owned roughly 8% of IREN, which is about 28 million shares combined or 14 million shares each. They just added roughly 18 million shares combined with the new multi-year RSU package, bringing their individual tracking up toward 23 million shares each.

I believe its possible this RSU grant was worked out between the Board and the Founders as part of a negotiation for converting their absolute voting control into equity today so the pieces are already in place when the right offer comes in.

That acquisition or major partnership may not be imminent—this could happen next week or maybe 1-2 years out—but the board needs to be prepared.

Feel free to poke holes in this idea, welcome the feedback.

[615 Investor @615Investor]

@bitcoinbutcher1 Hate to see you go Butcher. Much respect to you

Will continue to ride the CIFR train together

[615 Investor @615Investor]

@mikealfred 7 = July. 👀