**Bitcoin miner IREN faced a challenging quarter, missing analyst expectations while its AI services revenue showed significant growth.**

IREN stock continued to retreat early Friday after the bitcoin miner and artificial intelligence play late Thursday missed estimates for its fiscal Q2 2026. Shares tumbled more than 11% on Thursday as bitcoin undercut $63,000 to fall to 16-month lows.

**IREN reported a net loss of $155.4 million**, compared with net income of $19 million last year. Total revenue increased to $184.7 million from $114 million. Analysts polled by FactSet expected a net loss of $88 million on $224 million in revenue.

"Last quarter marked meaningful progress across capacity expansion, customer engagement and capital formation, reflecting IREN's progress as a scaled AI Cloud platform," co-CEO Daniel Roberts said in the release. "We are seeing the strongest demand environment to date, and importantly that demand is being met by a proven execution capability."

He added that the company has more than 4.5 gigawatts (GW) of secured power, while IREN is on track to reach its target of $3.4 billion in annual recurring revenue (ARR) by the end of the 2026 calendar year, according to the release.

**Bitcoin mining revenue surged almost 47% to $167.4 million** but fell short of views for $202 million. **AI cloud services revenue was $17.3 million for the quarter**, up from $2.7 million last year. FactSet expected $27 million in revenue for the segment.

IREN reported that cash and cash equivalents stood at $2.8 billion as of Jan. 31. The company noted that it has secured $9.2 billion in funding fiscal year-to-date across customer prepayments, convertible notes, graphics processing unit (GPU) leasing and GPU financing.

The company added that it has secured $3.6 billion in GPU financing for its **Microsoft deal from November**. That month, **IREN inked a $9.7 billion deal** to give Microsoft access to **Nvidia GB300 GPUs** over a five-year period.

## IREN Stock Performance

IREN fell about 5% early Friday. Shares initially more than 12% late Thursday after the report.

That followed a tumble of more than 11% Thursday as the price of bitcoin unraveled. The stock drilled further below its 50-day line after undercutting that moving average on Wednesday.

**IREN has fallen more than 48% from its 2025 high of 76.87 in early November**. The stock is approaching its December low of 33.34.

Meanwhile, the price of bitcoin on Friday recovered modestly to $68,000. Bitcoin on Thursday evening retreated near $60,000, which marked its lowest price since early October 2024.

Bitcoin miner IREN missed expectations for quarterly results late Thursday, but AI revenue picked up. The price of bitcoin is unraveling

Bitcoin Miner IREN's Q2 Miss Sparks Stock Plunge as AI Services Surge Amid Bitcoin's Volatility

**Bitcoin miner MARA has moved a staggering 1,318 BTC, valued at approximately $86.89 million, to various counterparties and custody venues over the past 10 hours**, according to on-chain data tracked by Arkham. This significant transfer is sparking intense speculation in the crypto community, especially amid recent market volatility.

![Arkham data visualization of MARA's Bitcoin transfers](https://www.coindesk.com/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2Fb0636392c71ee0342bb041548539a69e0e226153-1199x782.jpg%3Fauto%3Dformat&w=3840&q=75)
*(Arkham)*

### Breakdown of the Transfers
- **The largest chunk, totaling 662.772 BTC (worth about $42.59 million), was sent to Two Prime**, a credit and trading firm. This included a major transfer of 653.773 BTC and a smaller top-up of 8.999 BTC shortly after.
- **Separate transactions directed 200 BTC and 99.999 BTC to a BitGo-tagged address**, amounting to roughly $20.4 million at the time.
- **Another 305 BTC moved to a fresh wallet**, valued at approximately $20.72 million.

### Why This Matters: Timing and Market Context
**The timing of these transfers is crucial**, as crypto markets have been experiencing sharp swings following a liquidation-driven selloff this week. Traders are on high alert for any signs that miners might be turning into forced sellers, which could exacerbate downward pressure.

**Large miner-related transfers like this can be routine**—such as treasury management, custody reshuffling, collateral moves, or preparation for an over-the-counter sale. However, in a thin market, they are often interpreted as a **supply signal**, potentially indicating bearish sentiment.

### Focus on Two Prime: Collateral or Strategy?
**The transfer to Two Prime is drawing particular attention** because it involves a credit and trading counterparty. If the Bitcoin is being posted as collateral or rotated into a trading strategy, it **does not necessarily imply immediate spot selling**. This nuance is key to understanding whether this move is a distress signal or part of standard operational adjustments.

### Broader Miner Stress Amid Bitcoin's Decline
**This activity comes during a challenging period for Bitcoin miners**, with the cryptocurrency down nearly 50% from its peak above $126,000 last year. **Bitcoin is currently trading about 20% below its estimated average production cost**, which is around $87,000 per BTC according to data from Checkonchain. Historically, trading below production cost has been a characteristic of bear markets, increasing financial strain across the mining sector.

**As the spot price hovers near a weekly low of $60,000**, the pressure on miners intensifies, making moves like MARA's worth watching closely for insights into market dynamics and potential future trends.

The largest transfers went to credit and trading firm Two Prime, which received more than 660 BTC, while additional chunks were sent to a BitGo address and a fresh wallet.

Bitcoin Miner MARA Shifts $87 Million in BTC: Is This a Bearish Signal or Just Routine?

## The $500M Deal That Went Unnoticed

Days before Donald Trump returned to office in January 2025, an investment firm controlled by a senior member of the United Arab Emirates royal family secretly **signed a deal to pay $500 million** to buy almost half of a cryptocurrency startup founded by the Trump family. Under any other president, such an arrangement would cause a political earthquake in Washington.

But this latest example of corruption involving Trump and his family business **hardly made a blip** over the past few days, relegated to a passing headline in a relentless news cycle often dominated by Trump's actions and statements.

## Why This Scandal Matters

This scandal deserves our attention: a **half-billion-dollar transaction with a foreign government official**, executed in the shadow of Trump's inauguration, which directly enriched the president and his family. The deal to acquire a 49% stake in World Liberty Financial, the crypto company founded by the Trump family and several allies in the fall of 2024 during Trump's presidential campaign, was backed by **Sheikh Tahnoon bin Zayed Al Nahyan**, one of the most powerful officials in the UAE.

Known as the "spy sheikh," Tahnoon is the brother of the UAE's president and serves as national security adviser. He also oversees one of the largest investment empires in the world, serving as chair of two Abu Dhabi sovereign wealth funds, which have $1.5 trillion in assets, and G42, a firm focused on artificial intelligence.

## The Pattern of Monetizing the Presidency

It's dizzying to keep up with the ways that Trump has **monetized the presidency** and used it for personal profit in his second term. The Trump Organization, run by the president's sons, has negotiated foreign real estate deals worth billions of dollars, some of which involve private companies backed by governments of the three wealthiest Arab petrostates: Saudi Arabia, Qatar and the UAE.

In May, as Trump prepared to visit the Middle East, Qatar's government donated a **$400 million luxury Boeing jet**, which is being refitted by the US military so Trump can use it as Air Force One. It was probably the most expensive gift from a foreign government in US history.

## The Crypto Connection

In late May, the president **hosted a private dinner** at his Virginia golf club for the 220 largest buyers of his memecoin, called $Trump, which is a type of cryptocurrency connected to an online joke or mascot and has no inherent value. The top 25 buyers in the crypto contest got invited to a VIP reception with Trump and a White House tour. In all, the Trump family's crypto business raked in **about $148 million** from the contest, most of it from foreign or anonymous buyers.

Despite the sheer scale of these conflicts surrounding Trump over the past year, the **$500 million deal involving World Liberty and the UAE's Tahnoon** is "the only known case of a foreign government official purchasing a major stake in a Trump company after his election." By intertwining his personal fortune with the ruling families of the Gulf, Trump has compromised his ability – and the ability of his entire administration – to negotiate foreign policy and act as an honest broker.

## The AI Technology Connection

Over the past decade, Tahnoon has steered foreign policy negotiations with the US over major issues including fighting terrorism, economic investments and securing UAE access to advanced computer technology. In March, he visited Washington and met with Trump, gaining access to top cabinet members and being feted at a White House dinner – honors normally bestowed on a visiting head of state. The public did not know about the secret deal Tahnoon's investment firm had signed two months earlier with the Trump family's crypto company.

Two weeks after MGX's $2 billion investment in the Trump family's crypto firm, the Trump administration **allowed the UAE to buy hundreds of thousands of advanced computer chips** critical for AI development. The chips are made by US companies, especially Nvidia, and the Biden administration had restricted how many chips certain foreign countries can buy to prevent the technology from being misused. But Trump scrapped those restrictions.

## The White House Response

The White House insists that there was **no connection between the World Liberty crypto transaction** and the administration's decision to sell AI technology to the UAE – and claims that Trump and Witkoff have no conflict of interest because they have stepped aside from their family businesses. "The president has no involvement in business deals that would implicate his constitutional responsibilities," the White House counsel, David Warrington, said on Sunday.

While Trump's aides argue that he's living up to the highest ethical standards, the Republican-led Congress has shown little interest in investigating an astonishing series of corrupt actions and self-enrichment that would have devastated any other presidency. And as Trump and his family tally the expanding profits from their crypto empire, the rest of us must reckon with the cost to our democracy.

A crypto startup founded by Trump’s family signed a huge deal with the UAE president’s brother. Where’s the political fallout?

Trump's Secret $500M UAE Crypto Deal: How a Royal Family Investment Could Compromise US Foreign Policy

**Bhutan shifts bitcoin holdings after months of silence as BTC nears $70,000**

Wallet data reveals that the Royal Government of Bhutan has started moving bitcoin to trading firms and exchanges for the first time in months, coinciding with a market slide and heightened volatility across cryptocurrencies and metals.

Onchain data tracked by Arkham shows Bhutan-linked wallets transferring over **184 BTC**, worth approximately **$14 million**, in the past 24 hours. Some of the bitcoin was sent to new addresses, while other transfers flowed to known counterparties such as **QCP Capital** and a **Binance hot wallet**—destinations typically associated with trading, liquidity management, or potential sales.

![Arkham data visualization](https://www.coindesk.com/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2Fc5f6288ccd0231d70355e390537f298f6ef979dc-3452x1646.png%3Fauto%3Dformat&w=3840&q=75)

This activity marks Bhutan's first notable wallet movement in roughly **three months** and occurs during a volatile period for crypto markets. Bitcoin has fallen more than **7%** in 24 hours, while silver plunged as much as **17%** and global equities slid amid fears that artificial intelligence spending is undermining traditional software business models.

Bhutan has emerged over the past two years as one of the more **unusual sovereign bitcoin holders**, quietly building a stash through state-backed mining tied to hydropower. Unlike corporate treasuries that often publicize accumulation strategies, Bhutan's holdings have largely been managed out of the spotlight, making changes in wallet behavior closely watched by traders.

The latest transfers do not confirm outright selling. Coins were split across multiple destinations, including new wallets that could indicate **internal reshuffling** or **collateral management** rather than immediate liquidation. However, sending bitcoin to exchanges and trading firms during a sharp drawdown contrasts with the country's otherwise long periods of inactivity.

These moves reflect a broader theme emerging in this selloff: large holders are treating bitcoin less as a static reserve asset and more as a **balance-sheet tool during stress**. Corporate treasuries, miners, and now sovereign-linked entities are adjusting positions as liquidity tightens and price swings accelerate.

Wallet data shows the Royal Government of Bhutan moving bitcoin to trading firms and exchanges for the first time in months, as markets slide and volatility spikes across crypto and metals.

Bhutan's Bitcoin Moves: What Does a Sovereign Nation's $14M Transfer Signal Amid Market Turmoil?

**Dow Jones futures fell early Thursday**, along with S&P 500 and Nasdaq futures, as the stock market remains deeply divided. **Google-parent Alphabet (GOOGL) reported strong earnings but stunned investors with massive AI capital spending**, signaling a broader trend among tech giants.

### Market Turmoil and Tech Sell-Off

The stock market saw further pain for tech stocks on Wednesday, with **Advanced Micro Devices (AMD) leading the carnage**, plunging 17.3% despite beating views. The Nasdaq fell to a 2026 low, while the S&P 500 briefly undercut its 50-day line. **AI-related names and high-beta stocks broadly tumbled**, including software, chips, and space plays like Rocket Lab (RKLB).

However, the market wasn't all red. **Consumer staples, housing, regional banks, and medicals saw investors piling in**. The Dow Jones Industrial Average rose 0.5%, buoyed by stocks like Amgen (AMGN) and Apple (AAPL), which continued its strong post-earnings move.

### Bitcoin and Commodities Dive

**Bitcoin tumbled below $70,000**, hitting 52-week lows as the crypto market faces intense pressure. Silver futures plunged, gold fell, and crude oil dropped 2% amid U.S.-Iran talks. The 10-year Treasury yield dipped to 4.26%.

### Google's AI Spending Spree

Google's earnings and revenue modestly beat Q4 views, with Google Cloud also topping forecasts. But **capital spending blew out estimates and guided substantially higher for 2026**. This follows similar announcements from Microsoft, Meta Platforms, and Tesla, all setting big spending plans for AI infrastructure.

Google stock fell solidly early Thursday, signaling a move below key buy points. Meanwhile, Coherent (COHR) reported strong results but shares plunged, while Boot Barn (BOOT) and EZcorp (EZPW) showed strength.

### Sector Performance and ETFs

Growth ETFs took a hit: the Innovator IBD 50 ETF (FFTY) tumbled 3.7%, the iShares Expanded Tech-Software Sector ETF (IGV) shed 1.8%, and the VanEck Vectors Semiconductor ETF (SMH) skidded 3.9%. **ARK Innovation ETF (ARKK) plunged 4.7% to a seven-month low**.

On the upside, SPDR S&P Homebuilders ETF (XHB) stepped up 3.4%, the Energy Select SPDR ETF (XLE) advanced 2.25%, and the Health Care Select Sector SPDR Fund (XLV) rose 1.25%, with Eli Lilly as the top holding.

### What to Do Now

Divided markets are volatile. Will stronger sectors lift the whole market, or will techs drag everything down? So far, software and crypto woes have spread to tech and AI plays, but other sectors are holding up or powering higher.

Investors should be cautious: **cut losses quickly, limit exposure to technology, and avoid getting excited by bounces in hard-hit techs**. It's a time to nibble on opportunities outside of tech but not to step on the gas. Stay engaged and prepared to take action in either direction.

Dow Jones futures: Google earnings were strong, but AI spending stunned. Bitcoin continues to dive while the stock market is deeply divided.

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