IREN CEO addresses investor concerns over $25B–$30B capex plan as company pivots from Bitcoin mining to AI

IREN’s CEO defended a proposed $25B–$30B capex to pivot the company from Bitcoin mining to AI compute, arguing the scale is necessary and will be executed in phases. Management plans to fund the shift via a mix of equity, debt and asset sales, stressing long‑term value creation despite near‑term investor dilution concerns. Investors’ main worries center on financing, execution risk and the company’s reduced focus on Bitcoin mining. The key implication for Bitcoin is that large mining-capital is being redirected toward AI infrastructure, which could slow future ASIC-driven mining expansion and alter hashrate growth and industry dynamics.