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IREN ($IREN), formerly known as Iris Energy, is accelerating a strategic pivot away from Bitcoin (BTC) mining as it seeks to reposition itself as an AI cloud and high-performance computing (HPC) infrastructure provider—a shift that underscores how compute demand and power access are becoming the new battlegrounds for energy-intensive digital businesses. The company said it expects its ongoing build-out to support roughly $3.7 billion in annualized AI cloud revenue once key projects are completed.

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Bitcoin long-term holders are once again accumulating BTC, signaling renewed confidence among investors despite ongoing macroeconomic uncertainty. According to CryptoQuant analyst Darkfost, wallets categorized as long-term holders now control approximately 15.26 million BTC, the highest level recorded since August 2025.

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Michael Saylor has once again fueled speculation of a new Bitcoin acquisition after posting the well-known orange-dot Bitcoin accumulation chart on May 17. The Strategy executive shared the chart with the caption Big Dot Energy, a phrase widely associated with the companys larger Bitcoin purchases.

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A daily close below $648 could open the door for another move toward the $578 support region.