Why IREN Ltd. (IREN) Soared on Monday

We recently compiled a list of the 10 Firms Shine Amid Market Slump. In this article, we are going to take a look at where IREN Ltd. (NASDAQ:IREN) stands against the other stocks.

Ten companies kicked off this week’s trading on a positive note, defying a broader market pessimism amid growing trade tensions among the US, Mexico, China, and Canada over the retaliation of tariffs on each other’s goods.

On Monday, the Dow Jones lost another 0.28 percent, while the S&P 500 and the Nasdaq Composite both registered steep declines of 0.76 percent and 1.20 percent, respectively. The slump came following President Donald Trump’s announcements that he would slap a 25-percent tariff on Canadian and Mexican goods, while a special 60-percent rate would be taxed on Chinese products.

Ten companies under mixed sectors defied a broader market downturn, leading the charge among market advancers. In this article, we will examine which companies performed well and the factors driving their success.

The list of top advancers only considered the companies with at least $2 billion in market capitalization and $5 million in daily trading volume.

A table full of technology, with bitcoin mining rigs and a laptop showing a financial graph.

IREN Ltd. (NASDAQ:IREN)

Shares of IREN Ltd. grew by 4.5 percent on Monday, adding 0.46 points to close at $10.68.

IREN, a Bitcoin mining firm, traded in line with Bitcoin prices which at the time of writing marked a 3.54-percent gain at $101,000 apiece.

Investors also seemed to have repositioned their portfolios ahead of the company’s release of its earnings performance for the fourth quarter of 2024, due for release on February 12.

Year-to-date, IREN’s current valuation marked a mere 2-percent growth from the $10.46 price registered on the first trading day of 2025.

Earlier this month, IREN announced that it was planning to raise as much as $1 billion from a follow-on offering to expand its Bitcoin mining operations. It said it plans to increase its capacity to 57 EH/s by the second half of the year, with 50 EH/s targeted in the first half of the year.

Overall IREN ranks 10th on our list of the stocks that shone amid market slump. While we acknowledge the potential of IREN as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than IREN but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap.

Disclosure: None. This article is originally published at Insider Monkey.