IREN
IREN · Sep 21, 2026
$47.23
Shares
No view
No fair value for IREN today: only 1 of 4 models has usable inputs, and one model is a guess. A trailing loss of $703M leaves no earnings to multiply. Free cash flow of minus $2.4B leaves nothing for the cash-flow model or the DCF. Those are its own reported figures, not a gap in our data.
How we value it ›Prices as of 11:50 PM ET, Sep 21. Check the live quote before you send an order.
The put
Skip
Skip the put. It pays a lot because IREN can drop a lot. Wait, or buy shares.
If it goes against you: you buy 100 shares at $47, which after the $440 you keep works out to $42.60 a share. Below $42.60 you are down on the trade. From that day the shares take above is the one that applies.
The order, if you sell it anyway
You get$440 (limit about $4.40)
If it fallsBuy 100 shares at $47
Cash to hold$4,700
Close earlyBuy back at about $0.44 ($44)
Chance you buy the sharesabout 41 in 100
ContractIREN Oct 23 $47 put
ActionSell to open
In your broker app: open the stock → Trade → Options → Sell to open → pick the contract shown here.
Why skip
The put: Oct 23, $47 strike, 32 days out. Pays $440. Roughly a 41-in-100 chance you end up buying the shares.
On paper: 107% a year. That number assumes IREN keeps moving like it did the past two years. Take that away and it is -8% a year. That is why we say skip.
Next earnings Nov 5, after this put ends. We never sell a put across a report.
If you already own 100 shares
Income call
For income on IREN you already hold: sell the Oct 2 $57 call and take $48 now. If IREN climbs to $57 by Oct 2, your 100 shares are sold at $57, so only do it if you're happy selling there.
If it climbs past $57 your 100 shares are sold at $57 and you keep the $48. That is the trade working, not a loss.
The call order
ActionSell to open
ContractIREN Oct 2 $57 call
You get$48 (limit about $0.48)
If it climbsYour 100 shares sell at $57
Chance your shares are soldabout 14 in 100
After removing the trend-75% a year
First take on IREN. Result Oct 23. See the record
Everyone sees the same card. It is not advice for you personally. You can lose more than you collect.
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