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Bitcoin (CRYPTO: BTC) mining stocks don't usually mint Wall Street legends a fresh fortune — but IREN Ltd (NASDAQ:IREN) just did.
The miner-turned-AI-infrastructure play has handed billionaire hedge fund manager Paul Tudor Jones a roughly $84 million windfall. IREN stock has surged over 500% this year.
Jones' Tudor Investment Corp quietly built a 1.47 million–share stake in IREN during the second quarter at an average price of about $10.05 a share. With the stock now hovering near $67, his position has ballooned by over 560% in value. What started as a small, speculative bet worth just $14.8 million, has swelled into an eight-figure payday — all in under six months.
The rally kicked into overdrive after IREN signed a $9.7 billion, five-year AI cloud services deal with Microsoft Corp (NASDAQ:MSFT). The IREN-Microsoft deal is one of the biggest AI infrastructure partnerships ever inked by a former crypto miner. The contract includes a 20% upfront deposit and will see IREN deploy NVIDIA Corp‘s (NASDAQ:NVDA) GB300 GPUs across its massive 750 MW Texas campus, cementing its pivot from digital assets to data centers.
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JPMorgan analyst Reginald Smith calls the deal a "validation" of IREN's early move into AI cloud services. Smith noted that IREN's ability to secure such a contract "surprised skeptics" and marked a milestone in the company's evolution beyond Bitcoin.
IREN is set to report its first-quarter results on Thursday. Investors will be watching for: details on deal phasing, GPU deployment timelines and funding plans for its $5.8 billion partnership with Dell Technologies Inc (NYSE:DELL).
IREN's reinvention is turning heads — and turning profits. What began as a risky pivot from mining to AI, may now be the blueprint for survival in the post-crypto era. IREN stock has already proven to be one of his smartest trades of 2025 for Jones.
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Photo: Tigarto via Shutterstock
