It still baffles me how people are still “Buying the Dip” on $IREN(IREN.US).Amid their $6,000,0000,000 ATM, diluted and sold into the open market. Thinking that it will increase their share price.While $Nebius(NBIS.US) was able to differentiate themselves and secure more hyperscaler deals + $NVIDIA(NVDA.US) backing.$IREN(IREN.US) GW raw asset moat they had two years ago is now almost gone.It’s hard to see the stock appreciating much in value when $6,000,000,000 of structural dilution works against you in every rally.Better to wait after current shareholders get diluted first before going long.Source: Serenity