Let's talk $IREN. It is the most efficient 
BTC miner of them all, but the dilution can get tricky at times.
One great way to try and get a handle on the offerings and potential dilution is to compare IREN's performance with that of the bitcoin miner ETF, $WGMI. If we see relative weakness in IREN in comparison to WGMI, we can conclude that it is most likely due to dilution. This would be even more conclusive if the dilution occurs close to the effective date of the offering.
So, what is the effective date? First, a company must register their offering with the SEC. However, they must wait for approval from the SEC prior to selling shares. The date they can start selling shares once approved is the effective date.
We can combine the Trading view "IREN/WGMI" chart with effective offering dates to figure out potential windows of dilution.
Important shelf offering dates and dollar amounts:
Registered: September 13, 2023
Effective: September 22, 2023 – $500 million
Registered: May 15, 2024
Effective: May 28, 2024 – $500 million
Registered: January 21, 2025
Effective: January 28, 2025 – $1 billion
Remember: When IREN's relative strength is weak in comparison to WGMI for a few weeks, it is relatively safe to assume that some dilution is happening.
The graph below (each candle on the graph represents one week) shows that the first major shelf offering effective date was September 22, 2023, followed by three periods of relative weakness.
We had similar periods of relative weakness following the second major shelf offering effective date of May 28, 2024.
After the most recent filing of a $1 billion dollar offering, and an effective date of January 28, 2025, we have experienced a window of weakness. We will likely get more windows of weakness ahead for IREN.
However, with that said, I believe this company has a bright future ahead. Keep an eye on this one.
BTC miner of them all, but the dilution can get tricky at times.One great way to try and get a handle on the offerings and potential dilution is to compare IREN's performance with that of the bitcoin miner ETF, $WGMI. If we see relative weakness in IREN in comparison to WGMI, we can conclude that it is most likely due to dilution. This would be even more conclusive if the dilution occurs close to the effective date of the offering.
So, what is the effective date? First, a company must register their offering with the SEC. However, they must wait for approval from the SEC prior to selling shares. The date they can start selling shares once approved is the effective date.
We can combine the Trading view "IREN/WGMI" chart with effective offering dates to figure out potential windows of dilution.
Important shelf offering dates and dollar amounts:
Registered: September 13, 2023
Effective: September 22, 2023 – $500 million
Registered: May 15, 2024
Effective: May 28, 2024 – $500 million
Registered: January 21, 2025
Effective: January 28, 2025 – $1 billion
Remember: When IREN's relative strength is weak in comparison to WGMI for a few weeks, it is relatively safe to assume that some dilution is happening.
The graph below (each candle on the graph represents one week) shows that the first major shelf offering effective date was September 22, 2023, followed by three periods of relative weakness.
We had similar periods of relative weakness following the second major shelf offering effective date of May 28, 2024.
After the most recent filing of a $1 billion dollar offering, and an effective date of January 28, 2025, we have experienced a window of weakness. We will likely get more windows of weakness ahead for IREN.
However, with that said, I believe this company has a bright future ahead. Keep an eye on this one.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.