5 Mining Stocks to Buy Today According to Kerr Neilson’s Platinum Asset Management

4. Iris Energy Limited (NASDAQ:IREN)

Platinum Asset Management’s Stake Value: $43 million

Percentage of Platinum Asset Management’s 13F Portfolio: 1.22%

Number of Hedge Fund Holders: 11

While traditional mining companies focused on extracting valuable resources from the ground, new age miners have focused their attention on the digital sphere. They are focused on ‘mining’ cryptocurrencies, which involves extracting value from the internet by powering financial transactions. One such company is Iris Energy Limited (NASDAQ:IREN), which is responsible for mining bitcoin, the world’s most popular cryptocurrency through sustainable means.

Iris Energy Limited (NASDAQ:IREN) raked in a net profit of $71.7 million and revenue of $20 million during its fiscal Q2, missing analyst revenue estimates. The company commissioned a new site in Canada in April 2022, which brought its hash rate to exceed 3.3 EH/s.

Mr. Neilson’s hedge fund had a Q4 2021 stake of $43 million in Iris Energy Limited (NASDAQ:IREN). This came in the form of 2.7 million shares and it represented 1.22% of the firm’s investment portfolio. During the same time period, 11 of the 924 hedge funds poled by Insider Monkey had also invested in the company.