This summer, IREN has been experiencing its biggest bear attack ever. As of July 15, there were 93,712,658 shares short (like a 30% short-interest). I'm skeptical that they genuinely believe IREN is very overvalued vs. trying to (illegally) manipulate people out of their shares.
There might be illegal short-selling happening in IREN. Lots of short-sale trades that are neither legitimate bets against the company nor legitimate hedging nor benign market-making strategies. But illegal price manipulation in violation of the Securities Exchange Act of 1934.
I loaded up on a lot more CIFR shares this afternoon near 20.07. My AI/Bitcoin mining stock money is now 55% IREN, 28% BTDR, and 17% CIFR. IREN is probably the most oversold now and BTDR might be the most undervalued for their MWs, but CIFR somehow sold off -29% in just 4 days.
@AlexSchettino Based on how close we now are to the March 30th bottom's daily-chart RSI, I think we're within the zone where IREN can bottom any day now.
Instead of buying more shares of MSTR or IBIT during this pullback, people might be better off buying BTDR shares. BTDR is now mining more than 250 Bitcoin per week (and with an increasing share of the total network hashrate), and AI can help provide a higher protective floor.
If there does wind up being a SEC investigation that includes looking into the unusual trading activity in IREN this month, we might eventually be able to get some answers and bad actors at certain Wall Street firms potentially might wind up facing some jail-time.
If the SEC goes ahead with its broader investigation into naked shorting / stock manipulation, IREN might be one of the symbols that they'll examine closely. If anybody has information about the manipulation taking place, you can submit it to the SEC here: https://t.co/SigohHOoG0
Based on how IREN has been trading recently, I think there's a decent chance that details surrounding how they'd be using their ATM leaked, and various Wall Street firms have been taking advantage of that. If I ran IREN, I would hire new employees to do the ATM purely in-house.
Heading into this week, my AI/Bitcoin mining stock money is 64% IREN, 24% BTDR, and 12% CIFR. I'm looking for all 3 stocks to make a new all-time high this summer, but they should be great multi-year plays too imo.
Scott Ferguson, a Bill Ackman protรฉgรฉ, started a new position in BTDR in Q1 and bought a huge 9,635,000 shares. That would make him the 3rd largest shareholder in BTDR after Jihan Wu and Tether.