JPMorgan's Richard Choe jumps Iren to buy, lifts target to $65

Iren came to this moment as a Bitcoin miner that had just posted a record fiscal 2025, with almost $87 million in net income for the period ended June 30, 2025. Management decided its assets could be worth more serving the high-performance compute that AI developers need, and began funneling Bitcoin mining revenue into AI cloud infrastructure.

The mix has shifted fast. Bitcoin mining still generated nearly half of revenue in the latest quarter, down from more than 75% in the prior quarter, and full-year AI cloud service revenue rocketed nearly eight times higher than in fiscal 2025. The trade-off is that Iren is again reporting net losses, driven by platform investments and cash impairments for decommissioning Bitcoin hardware and expanding cloud services.

Against that backdrop, Choe's move from a sell equivalent straight to buy, skipping hold, and his $46-to-$65 target suggest the brokerage is willing to look past those losses toward the cloud transition. Whether that bet pays off appears to hinge on continued customer wins and on how much the Nvidia alliance really adds in the eyes of buyers — with some analysts expecting the full exit from Bitcoin mining to stretch until the end of the decade.