I have been with Iren since January 2025, and I must say that as an investor, I haven’t really been in my comfort zone at any point. First, I had to familiarize myself with BTC mining metrics and contracted power capacity, then cooling technologies and the pricing of hyperscalers’ data center projects. Now, I’m trying to understand something about the payback periods of these Nvidia and DELL deals. It’s starting to get difficult to understand what I actually own and what I should be tracking, and the pace just keeps accelerating.
Helping with the discomfort and the sense of fumbling along is the strong return so far and the quadrupling of my invested capital. My first purchase lots are over 5x and the lots from last spring are already 7-8x.
Agrippa Investments has done some thorough analysis and I try to understand his points, but ultimately I think this is about how strongly one trusts the corporate management. They have executed strongly, and with this track record, I’m happy to stay on board even if I don’t understand a great deal.
