Ethereum Surges to New All-Time High of $1,500

IREN closed a transformative capital raise in December, issuing $2.3B in convertible notes alongside a $1.6B equity offering while retiring dilutive legacy converts. The company's full-stack model sets it apart from colocation peers, with the Microsoft contract illustrating the premium economics of owning the entire stack from power to GPUs rather than simply leasing rack space. IREN's 3GW portfolio of grid-connected power positions it as a critical supplier to capacity-constrained hyperscalers, with management guiding to 85% project EBITDA margins and payback periods significantly shorter than traditional colocation models. Near-term catalysts include additional hyperscaler deals at Sweetwater, progress on GPU financing, and potential expansion into Oklahoma as the power scarcity thesis continues to play out.