IREN, CleanSpark shares continue selloff after missing revenue estimates

Shares of bitcoin miners IREN and CleanSpark experienced a significant selloff, continuing after-hours trading declines following the broader crypto market downturn. IREN's stock closed down 11.5% and fell another 13% after hours, while CleanSpark fell nearly 20% during the regular session before dropping about 10% more post-close. IREN reported revenue of $184.7 million against estimates of $224 million, attributing the results partly to progress in transitioning capacity to higher-value AI workloads, alongside significant unrealized losses and hardware impairments. CleanSpark reported quarterly revenues of $181.2 million, missing consensus estimates by about $13 million, and posted a net loss of $378.7 million compared to a profit last year. Both companies emphasized their strategic shifts toward AI infrastructure alongside their core bitcoin mining operations.

(Source：The Block)