A $1 million bet on Iris Energy, a Bitcoin miner with $500 million in annual EBITDA. The real upside: its data centers next to cheap renewable power could serve AI companies like Amazon and Microsoft instead, potentially multiplying the company's value 5 to 20 times.
Where are you investing? So here's the business I found. It's called Iris Energy. Ticker is IREN. How much of the stock did you buy? I only bought like $1 million. It's a very small position. And their thesis supposedly was that compute was going to be a big deal in the next 10 to 20 years. They secured a whole bunch of huge data center properties that were right next to mostly renewable energies. Currently, the best use for these data centers has been mining Bitcoin. They don't hold the Bitcoin, they sell it immediately. And right now they're making somewhere in the range of $500 million of EBITDA annually doing that. What's actually interesting here is all these huge companies like Amazon and Microsoft and Anthropic, they all need data centers and they need the data centers to be centralized in one place. Basically, if they flip this business over to working with hyperscalers on training, this could be a massive boost to the business and it could 5, 10, 20x
