- JPMorgan reduces Iren’s price target to $12 but maintains “overweight” rating , pointing to a 70% upside as shares climb 2.7% to $7.23.
- Bitcoin miner valuations drop to 1.5x holdings; Iren called “overly punished” , with analysts forecasting a 221% average upside and 10/12 buy ratings.
JPMorgan analysts revised their price targets for Bitcoin mining companies, reflecting shifting expectations for Bitcoin’s price and network hashrate growth. The bank lowered Iren’s price target from $15 to $12 but maintained an “overweight” rating, citing a potential 70% upside from current levels. Iren’s shares rose 2.7% to $7.23 during early trading but later settled near $7.
Despite a 28.3% decline in 2025, JPMorgan analysts described the stock as “overly punished” and highlighted its status as the lowest-cost publicly traded Bitcoin miner.
The bank reduced its Bitcoin miner price premiums to 1.5 times the value of their Bitcoin holdings, down from 2 times. This adjustment followed delays in high-performance computing (HPC) partnerships and rising mining costs, which pressured miner stocks.
Analyst Reginald Smith noted Iren’s “attractive entry point” for investors seeking exposure to a low-cost operator with HPC potential. Ten of twelve analysts covering Iren rate it a buy or strong buy, with an average price target implying a 221% upside.
The bank attributed the revisions to a 10% reduction in its Bitcoin price forecast and an 80% increase in projected annual hashrate growth. Bitcoin’s network hashrate, a measure of mining difficulty, is expected to rise by 200 exahashes per second (EH/s) yearly. While slower than past growth rates, this expansion pressures miners’ profitability.
JPMorgan emphasized that mining stocks now offer opportunities for investors betting on data center growth through Bitcoin infrastructure. Despite sector-wide losses exceeding 20% in 2024—outpacing Bitcoin’s 11% decline—the bank views current prices as a potential entry point for long-term exposure.
