IREN Discloses $20M Settlement With NYDIG, Expands GPU Fleet as Stock Hits Record High
IREN Limited (NASDAQ: IREN) said in its annual report on Thursday that it will pay $20 million to NYDIG to settle a years-long dispute over defaulted bitcoin mining equipment loans.
The settlement, first struck in August and previously described only as confidential, resolves litigation in Canada and Australia tied to two non-recourse special purpose vehicles (SPVs) that defaulted in late 2022 on $107.8 million of debt, including interest and late fees. About $18.2 million of the $20 million payout exceeds amounts previously reserved, the company said.
The loans, arranged in 2021 through NYDIG, financed roughly 35,000 Antminer S19 miners. As previously reported, the settlement was reached just as PwC was about to examine IREN co-founders William and Daniel Roberts in Australia.
IREN said the settlement ends all related proceedings and protects its affiliates, executives, and shareholders from further claims, pending court approvals to formally close the cases.
Alongside the legal disclosure, IREN said it has secured NVIDIA Preferred Partner status and purchased an additional 1,200 air-cooled NVIDIA B300 GPUs and 1,200 liquid-cooled NVIDIA GB300s for about $168 million. The move expands its fleet to 10,900 NVIDIA GPUs, including H100s, H200s, B200s, B300s, and GB300s.
The new GB300 systems will be installed at IREN’s Prince George campus in British Columbia, where construction is underway on a 10MW liquid-cooled installation capable of supporting more than 4,500 GPUs. The $96 million GB300 purchase is fully financed through a 24-month lease at a high single-digit interest rate, while the B300s are being funded from cash reserves.
With the latest expansion and legal overhang resolved, IREN is positioning itself as both a large-scale bitcoin miner and a growing player in AI infrastructure—a combination that appears to have gained investors’ confidence as the stock hit record highs Friday.
