**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.

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