Iris Energy Limited ( IREN ) shares are trading higher Tuesday after the company appointed Morgan Stanley as a financial advisor in connection with the evaluation of AI monetization opportunities.

What Happened: Bitcoin (CRYPTO: BTC) miner Iris Energy ( IREN ) provided a business update on Tuesday showing that it appointed Morgan Stanley as a financial advisor as it evaluates opportunities in the AI data center market.

The news comes with Iris Energy ( IREN ) shares down about 7% over the past week following a short report from Culper Research. The stock fell more than 13% last week after Culper argued shares were significantly overvalued.

A spokesperson for Iren responded to the report saying, “As a public company we are limited in how much we can say about reports of a certain nature. We encourage debate and value intellectually honest discourse. However, not all engagement meets these standards.”

“We remain focused on our growth to 30 EH/s of mining capacity this year, serving our AI cloud service customers, and pursuing monetization opportunities for our broader power and land portfolio," the spokesperson added.

Check This Out: Iris Energy’s Bitcoin Mining Ventures: Overvalued Or Underestimated?

At the beginning of the month, Iris Energy ( IREN ) provided a business update and announced that its 2024 expansion was fully funded. The company highlighted its cash position of $425.3 million and zero debt and noted that it has an additional cash buffer that can provide flexibility related to procurement items for its 2025 expansion and beyond.

Iris Energy ( IREN ) mined 233 bitcoin in June, up from 230 mined in May. The company noted at the beginning of the month that its 21% revenue jump in June reflected higher utilization of its GPU fleet and onboarding of new customers.

IREN Price Action: Iris Energy shares were up 3.21% at $12.38 at the time of publication, according to Benzinga Pro.