Why These 15 Crypto Stocks Have Been Plunging In 2025

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7. Iren Limited (NASDAQ:IREN)

Number of Hedge Fund Holders In Q4 2024: 44

Iren Limited (NASDAQ:IREN) is mainly a crypto mining company. It is also trying to rebrand itself as an AI cloud services company.

The stock is down significantly so far in 2025 due to the broader crypto market declining and the company announcing a $1 billion at-the-market facility to fund expansion projects.

Moreover, the company has posted profits in Q4, but it is unlikely to keep being profitable if Bitcoin doesn’t make a substantial recovery.

The dilution has been significant here. The company’s outstanding shares amounted to about 55 million in Q1 2023. As of Q4 2024, that number sits at 213.5 million. Thus, there’s a good chance that shareholders face continuous dilution going forward.

That $1 billion at-the-market equity offering is not going to make dilution any better.

The consensus price target of $20.7 implies 168.83% upside.

IREN stock is down 21.59% year-to-date.

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