GatePass Capital LLC established a new position in IREN Limited during the third quarter, acquiring 11,450 shares valued at approximately $537,000. This marks the fund’s first disclosed investment in IREN, reflecting growing institutional interest in the bitcoin mining and AI cloud operator. The purchase was reported in a recent SEC filing and positions GatePass alongside other major shareholders who have been actively adjusting their exposure to the company’s rapidly evolving business model.

Several large funds reshaped their IREN holdings in Q2 and Q3. Situational Awareness LP boosted its stake by 90.1%, adding 3,034,254 shares to reach 6,400,384 shares (worth $93.3 million). Hood River Capital Management LLC initiated a $74.2 million position, while Invesco Ltd. increased its holdings by 45.9%, adding 936,333 shares to total 2,974,674 shares (approximately $43.3 million). Merewether Investment Management LP launched a $21.0 million stake, and Mirae Asset Global ETFs grew its position by 15.1%, acquiring an additional 148,864 shares for a total holding valued at $16.6 million. Institutional and hedge fund ownership now represents just over 41% of the company’s outstanding shares.

Wall Street sentiment on IREN remains positive, with 13 buy ratings, five holds and one sell assigned by major brokerages. Compass Point reaffirmed its buy recommendation with a $105 target, while Sanford C. Bernstein maintained an outperform rating and $75 target. JPMorgan Chase & Co. adjusted its outlook, raising its target from $28 to $39 despite an underweight stance. Zacks Research and Wall Street Zen both upgraded their ratings to hold, reflecting improved near-term visibility. The consensus price objective across 19 analysts stands at $69.36, indicating a moderate upside from current levels.

In its Q3 report, IREN posted revenue of $240.3 million, up 28.3% year-over-year, but missed consensus by $4.3 million. The company reported a loss of $0.34 per share, trailing estimates by $0.48. Despite the EPS shortfall, management highlighted an 86.96% net margin driven by recurring AI cloud contracts and renewable-powered mining operations. Liquidity remains strong, with a current ratio of 5.52 and debt-to-equity of 0.34. Analysts forecast full-year earnings of $0.43 per share, underpinned by a recently announced 85% EBITDA margin deal with a major hyperscaler and continued power-cost advantages in Australia.