BlackRock disclosed that its funds bought 8,858,032 shares of IREN during Q2, valued at more than $400 million as of June 30, according to its latest quarterly SEC filing.
BlackRockβs funds boosted their IREN stake by 198.74% in the second-quarter.
$IREN had 2 massive dark pool transactions last Thursday after close, totalling $727M
One was $512M and the other was $215M
If you are not familiar with what a dark pool transaction is, itβs typically used when an institution wants to buy or sell a position that is very large relative to the normal liquidity of the stock.
Executing an order of that size directly on the open market would move the stock significantly while the order is being filled, resulting in a much worse average price. Dark pools allow large orders to be matched off exchange with other institutions, typically with a slight discount to the market price providing an incentive for counterparties to take the other side.
Of course, we cannot know from the transactions alone who initiated them or whether the underlying institution was buying or selling.
However, given the circumstances, I strongly believe these were either 1 or 2 institutions building massive positions in $IREN.
These transactions occurred on the same day $IREN announced the delivery of Horizon 1 to $MSFT, removing another major execution risk from the thesis.
This would also be very consistent with what we have been seeing over the past weeks, with institutional ownership of $IREN growing rapidly.
$727M is a massive amount of capital to move through just 2 transactions.
Definitely a bullish sign!