IREN Limited ( IREN ) shares are volatile Monday morning after rising approximately 20% over the past week. Here’s a look at what’s going on.

What To Know: IREN ( IREN ) on Monday provided a mining update for June showing that the company mined 620 Bitcoin (CRYPTO: BTC) last month. IREN ( IREN ) said it generated record monthly revenues driven by higher Bitcoin prices despite mining seven less Bitcoin than in May.

The company said it reached its hashrate target of 50 EH/s by the end of the month and had an average operating hashrate of 41.1 EH/s during the period.

“The past month has marked several significant milestones for IREN ( IREN ). We delivered another month of record revenues, executed an oversubscribed convertible note offering, reached our self-mining target of 50 EH/s, transitioned to U.S. domestic issuer status, and more than doubled our AI Cloud business with the procurement of next-generation NVIDIA Blackwell GPUs,” said Daniel Roberts, co-founder and co-CEO of IREN ( IREN ).

The update comes after IREN ( IREN ) shares rallied 7.41% on Thursday after announcing that it expanded its AI cloud through the purchase of 2,400 Nvidia Blackwell GPUs.

The 2,400 Blackwell GPUs, consisting of 1,300 B200 GPUs and 1,100 B300 GPUs, are expected to be installed over the coming months at IREN's ( IREN ) Prince George, British Columbia campus. The company said it expects the GPU deployment to deliver attractive risk-adjusted returns on a stand-alone basis.

“IREN is at the forefront of two transformative technologies, Bitcoin and AI, owning and operating the compute infrastructure that powers both,” Roberts said.

IREN Price Action: IREN ( IREN ) shares were up over 3% in pre-market trading Monday before pulling back. The stock was down 7.25% at $15.69 at the time of publication, according to Benzinga Pro.

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