10 Most Undervalued Bitcoin Mining Stocks to Buy Now

5. IREN Limited (NASDAQ:IREN)

Analyst Upside: 205.13%

Number of Hedge Fund Holders: 44

Formerly known as Iris Energy Limited, IREN Limited (NASDAQ:IREN) is an Australia-based company that owns and operates renewable energy-powered data centers. Its facilities are specially optimized for bitcoin mining, AI cloud services, and other power-dense computing.

IREN Limited (NASDAQ:IREN) is expanding its capacity to 57 EH/s by H2 2025 and initiating direct-to-chip liquid cooling systems in existing data centers to allow rapid scaling for cloud & colocation opportunities.

During fiscal Q2 2025, IREN Limited (NASDAQ:IREN) mined 1,347 Bitcoins, reflecting a notable increase of 813 bitcoins from the first quarter. The company also reported strong growth in its AI operations in its February 2025 update. Its AI Cloud Service was near full utilization by month-end, driven by demand for NVIDIA H100/H200 chips, with future expansion planned using Blackwell processors.

On March 17, the company announced the signing of a 600MW grid connection agreement with AEP Texas Inc. for its West Texas Sweetwater 2 project. The project would allow IREN Limited (NASDAQ:IREN) to advance its 2GW Sweetwater data center hub, boosting its competitive market standing in the data center infrastructure market. The project is anticipated to be energized by late 2027.