When is it time for the $IREN(IREN.US) bagholders to admit I was right about the:

$6,000,000,000 ATM dilution being a structural overhang?

-> $Nebius(NBIS.US) is up 48% YTD

-> $IREN(IREN.US) is down 13% YTD.

While IREN’s marketcap goes up (ATMs benefit the company), shareholder equity goes down.

This is the warning about excessive dilution that people don’t understand or want to hear.

Likely in every rally to raise funds to monetize their GW capacity though GPUs:

There’s going to be half the market cap minted out of thin air, then sold into the open market.

Source: Serenity