Key Insights:
- IREN announces $9.7 billion deal with Microsoft, a major Bitcoin mining news today.
- IREN stock price jumped 20% on Monday.
- Bitcoin price saw a slight upside momentum, but traders remain skeptical on bullish momentum
In the Bitcoin mining news today, IREN on Monday said it has signed an AI cloud services deal with Microsoft. As a result, IREN stock saw a massive over 20% jump in a single day.
IREN Inks Deal with Microsoft
Bitcoin mining firm IREN has signed a $9.7 million deal with tech firm Microsoft on November 3. The miner has agreed to provide Microsoft with access to NVIDIA GB300 GPUs over a five-year term.
Also, IREN signed an agreement with Dell Technologies to purchase the GPUs and ancillary equipment for $5.8 billion. Nvidia GPUs are expected to be deployed in phases through 2026 at the 750MW Childress, Texas campus.
This comes with the delivery of new liquid-cooled data centers to support 200MW of IT load. IREN expects to fund the expenditures associated with the contract with cash, customer prepayments, operating cashflows, and additional financing initiatives.
Commenting on the deal, IREN co-founder Daniel Roberts said it highlighted the company’s strength and scalability of its integrated AI Cloud platform.
The deal also validates IREN’s position as a trusted provider of AI Cloud services. This happens as Bitcoin miners expand into AI services amid massive buzz and demand.
IREN Stock Pumps 20%
IREN stock price skyrocketed 20% in the pre-market trading hours on Monday. It indicates the stock will likely open higher today, sparking investors’ interest in others amid the massive Bitcoin mining news.
At the time of writing, the stock price was trading at 18% higher $70.99. The 24-hour low and high were $70.09 and $75.73, respectively.
Despite the positive Bitcoin mining news, trading volume was lower than the average volumes of 35 million. The stock has recorded a 637% return year-to-date (YTD).
Recently, Bitcoin mining stocks remained in trend. MARA Holdings (MARA), Riot Platforms (RIOT), CleanSpark (CLSK), and Core Scientific (CORZ) share prices bounced immensely.
Tech stocks such as Meta, Oracle, Google, and Microsoft are bending towards AI. This has caused their expenses to rise drastically last quarter, as per the latest earnings reports.
Similar to competitors like CoreWeave, IREN has expanded from Bitcoin mining operations to AI. GPUs were better put to use for AI workloads rather than mining BTC.
The company has benefited massively from the shift in focus. The partnership with Nvidia remained a major advantage, giving them access to the most advanced hardware.
Last week, Microsoft CFO Amy Hood said the company expected its AI capacity demand to stretch into mid-2026. Earlier, the company predicted that it would finish requirements later this year.
BTC Price Rebounded Slightly on Bitcoin Mining News
Bitcoin price bounced slightly above $108K in the past hour amid various bullish news, including Bitcoin mining IREN securing the deal.
BTC price was trading at $107,987 at the time of writing, with a 24-hour low and high of $107,010 and $110,764, respectively.
Trading volume saw an increase after Michael Saylor’s Strategy continued BTC accumulation despite crash concerns and doubts on the crypto treasury strategy.
CoinGlass data also showed buying sentiment in the derivatives market. At the time of writing, the total BTC futures open interest jumped 1% to $71.21 billion in the last 24 hours.
However, BTC futures OI on CME were down more than 2% and 1.30% on CME and Binance. This signals that traders are cautious as whales continue to liquidate holdings.