Why I’m short IREN? 1) Dependent on multi billion dollar contracts from only a small number of customers to make their business viable. If just ONE pulls the plug, watch out! 2) High Capex and debt servicing costs. 9% interest on private credit + convertible bonds that expire in 2033. They enjoy 1% int rate on the bonds but what do you think will happen when they expire? This is where things could get ugly. 3) Unsustainable hardware depreciation which could become a real Capex trap.
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