Thomas F Murray

This is the biggest story in finance. Yet few are aware what's happening.

$IREN $6 Billion ATM is massive. For the people who hold $IREN, the truth you might not want to hear is: -> Wait until existing holders get diluted to oblivion -> Use them to "buy the dip" of $6 Billion in new shares for you. -> Go long after. If you're long now: That inevitable $6B in new shares + selling pressure structurally caps upside in your equity and serves as a overhang in any rally. Companies don’t file a $6B ATM not to use it. They will, and as much as they can on any rally. The reality is that there are other financing methods, but ATMs are the most destructive ones to retail shareholders. $IREN itself is a solid company unlike movie theater stocks, but like excessive dilution referenced: You will likely see the marketcap of $IREN go up back toward $20B, but the your share prices tanking in value. TLDR: The harsh reality is $IREN might fundamentally succeed and build a massive DC footprint. But it's at the cost of heavily diluting retail shareholders. Retail investors should care more about the value of their own stock increasing over the company's value. Disclosure: I have zero economic interest or positions in the company, but I do care about prioritizing retail interest.