JPMorgan has turned its attention to Iren, a bitcoin miner that’s faced significant challenges this year, suggesting now might be a strategic time to invest. Reginald Smith, an analyst at the firm, has upgraded Iren’s rating from neutral to overweight. Although he adjusted the price target from $15 to $12, this still represents a promising 70% potential increase. This shift comes after Iren’s stock tumbled 28.3% in 2025, influenced by the broader struggles in the crypto sector under the shadow of uncertain policies from the Trump administration. Initially, crypto-related stocks saw a surge when Donald Trump secured his second term as president in November, but couldn’t sustain the momentum.
Despite this downturn, Smith remains optimistic about Iren. He described it in a research note on Thursday as the “lowest-cost publicly traded bitcoin miner,” and emphasized that the stock’s current depressed value presents an enticing opportunity. Investors looking for exposure to a cost-efficient operator with high-performance computing options might find this an ideal time to buy.
Iren is known for developing, owning, and operating data centers and electrical infrastructure, heavily favoring renewable energy sources. Their operations primarily focus on bitcoin mining and high-power computing. With favorable power contracts and fleet efficiency, they stand out as key players in the industry. Following the upgrade, Iren’s shares saw a slight 2% increase on Thursday before the market opened.
Although not extensively covered by analysts, those who follow Iren are generally optimistic. According to LSEG data, 10 out of 12 analysts consider the stock a buy or strong buy, with an average price target indicating a remarkable potential upside of 221%.
