IREN Limited

• A blockchain token designed to track the price of IREN Limited (NASDAQ: IREN).

• It is not a share. Holding the token does not confer ownership of the company, voting rights, or a direct claim against it.

• It offers fractional, round-the-clock price exposure without opening a foreign brokerage account.

• Founded: 2018

• Headquarters: Sydney, Australia

• Co-CEOs: Daniel Roberts and William Roberts (co-founders)

• Listed on: Nasdaq (IREN)

• Sector: Data centres and AI cloud

• IREN operates data centres originally built for bitcoin mining and has expanded into AI compute hosting.

• It emphasises renewable-powered sites.

• Earnings are exposed to both bitcoin price and AI compute demand.

• Bitcoin mining has historically provided most revenue.

• AI cloud services, renting GPU capacity, are the growth business.

• A multi-year AI cloud contract with Microsoft anchors that shift.

• Its main sites are in Texas and British Columbia.

• You get price exposure to the underlying instrument.

• You do not get shareholder voting rights.

• Dividend or distribution treatment depends on the issuer's structure and is often not passed through.

• You take on issuer and custodian risk in addition to the price risk of the underlying.

Pros:

• It owns large power capacity and land.

• The Microsoft contract provides AI revenue visibility.

• Sites run largely on renewable power.

Cons:

• Mining revenue depends on bitcoin's price.

• Converting to AI requires heavy capital and financing.

• Executing a business transition carries risk.

• Counterparty risk: if the issuer or custodian fails, the backing may not be recoverable.

• Tracking risk: the token price can diverge from the underlying, particularly outside US market hours when the underlying does not trade.

• Liquidity risk: on-chain liquidity is thinner than the underlying market, so spreads can widen sharply.

• Regulatory risk: India does not yet have a settled framework for tokenised equities, and tax treatment remains unclear.

• Price risk specific to the underlying instrument.