Bitcoin Miner Iris Rises as Compass Point Upgrades on Potential Boost in Hashrate

Compass Point’s analyst upgraded Iris’ stock to a buy recommendation from a neutral.

AccessTimeIconSep 14, 2022 at 2:52 p.m. UTC
Updated May 11, 2023 at 5:39 p.m. UTC

Shares of bitcoin miner Iris Energy (IREN) sharply rose Wednesday after research firm Compass Point upgraded its stock recommendation to buy from neutral.

Analyst Chase White said in a note to clients that IREN has potential to boost its contracted hashrate – and thus increase its bitcoin production – if the company can secure additional computing power at low cost, as it did with Bitmain in August.

White also expects that if Iris can execute its strategy, its stock can trade at a premium versus other small-cap miners.

IREN was trading hands at $4.59 at press time, up nearly 8% on the day. Compass Point has a price target of $6.50/share.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Author placeholder image

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.