$IREN

Does he own it?

He explicitly disclosed twice having zero economic interest or positions in IREN. Early in the year he briefly swing-traded it (tax-harvest) and was mildly bullish as part of a neocloud basket, but says he sold it after the bull thesis broke. From March onward it is purely a bearish foil, not a holding. His actual neocloud position is NBIS.

His thesis

Originally a mild bull on IREN as a neocloud play monetizing gigawatt power capacity via an asset-light colocation model funded by free cash flow. After IREN filed a ~$6B at-the-market equity offering (about half its market cap) sold continuously into the open market, he flipped firmly bearish: the toxic dilution structurally caps shareholder equity appreciation even if the company itself succeeds. He repeatedly contrasts it unfavorably with NBIS, which has Nvidia funding and convertibles. Argues IREN cannot fund GPU buildout without endless dilution and points to management's prior track record (BKKT, ASST) of wiping out retail.

How his view evolved

Started January mildly bullish/swing-trading IREN in the neocloud basket. After the early-March $6B ATM filing he sold and turned aggressively bearish, branding it the "AMC of datacenters" and mocking holders repeatedly through June.

Key points

• Explicitly disclosed zero positions/economic interest in IREN; sold his earlier brief swing-trade
• Core bear thesis: the ~$6B ATM (about half the market cap) sold into every rally structurally suppresses equity even if the company succeeds
• Uses IREN as a foil to champion NBIS, his actual high-conviction neocloud holding

Derived from a holistic read of his public posts — paraphrased, never quoted. See his actual posts about $IREN on X ↗