Bitcoin Miner Escapes $100M Debt Trap – Now Betting Big on AI
The Nasdaq-listed Bitcoin miner will pay $20 million to settle defaulted loans once tied to tens of thousands of Antminer rigs — a fraction of the original $107.8 million owed.
The resolution, which covers litigation in both Canada and Australia, effectively clears the company of ongoing claims. Executives framed the deal as a full stop to a chapter that began in 2021, when two subsidiaries borrowed heavily to expand mining operations but defaulted the following year as Bitcoin prices crashed and fixed hosting costs became unprofitable.
From Struggle to Strength
The timing of the settlement is striking. IREN just delivered the strongest results in its history, reporting $187.3 million in quarterly revenue and a record $501 million for the year. Net income jumped to $176.9 million, a reversal from the struggles seen during the downturn. Shares surged as investors welcomed the combination of rising profits and a clean legal slate.
Unlike peers forced into bankruptcy or restructuring, IREN weathered the storm intact. The removal of the NYDIG overhang could make it one of the healthier balance sheets among public Bitcoin miners.
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Doubling Down on AI
But the company isn’t betting on Bitcoin alone. IREN has rapidly positioned itself as a serious player in AI infrastructure, ordering more than 2,400 new Nvidia GPUs in a $168 million expansion plan. Once deployed, its fleet will top 10,900 high-performance chips, ranging from H100s to the new GB300s.
Construction is already underway at its Prince George campus in British Columbia, where a state-of-the-art liquid-cooled facility will host thousands of GPUs. The $96 million purchase of GB300 systems is being financed through a two-year lease, while other models were bought outright with company cash.
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