IREN Limited (NASDAQ: IREN), the Bitcoin (BTC) miner that is increasingly pivoting itself into an AI cloud provider, has been added to the Russell 1000 Index. The Russell 1000 is a stock mark
IREN Limited (NASDAQ: IREN), the Bitcoin (BTC) miner that is increasingly pivoting itself into an AI cloud provider, has been added to the Russell 1000 Index.
The Russell 1000 is a stock market index tracking roughly the 1,000 largest U.S. companies by market capitalization. It represents about 93% of the total U.S. equity market.
Managed by FTSE Russell, it serves as a benchmark for large-cap stock performance and is rebuilt annually in June.
As per a press release on June 29, the addition of IREN became effective after the market closed on June 26, following FTSE Russell's annual reconstitution.
Related: FTSE Russell’s Kristen Mierzwa says tokenized index could be a reality in 3-5 years
Founded in 2019 as Iris Energy, IREN built its business solving cryptographic puzzles to earn Bitcoin rewards. But rising energy costs and thinning mining margins steered it toward artificial intelligence.
IREN's climb rests on two marquee partnerships. In November 2025, it signed a five-year, roughly $9.7 billion GPU cloud contract with Microsoft (NASDAQ: MSFT), deploying Nvidia GB300 chips at its 750-megawatt Childress, Texas, campus and unlocking an estimated $1.94 billion in annualized run-rate revenue.
Separately, Nvidia (NASDAQ: NVDA) secured a five-year right to buy up to 30 million IREN shares, a potential $2.1 billion stake, as the two collaborate on as much as 5 gigawatts of AI infrastructure.
IREN was not the only crypto-native name to clear the threshold. BitMine Immersion Technologies (NYSE: BMNR), the largest public Ethereum (ETH) treasury company, joined the Russell 1000 on the same date.
BitMine, chaired by Tom Lee, holds about 5.67 million ETH, roughly 4.7% of the total supply, against zero debt, and analysts have estimated its inclusion could trigger up to $2.15 billion in passive inflows.
Beyond Bitmine and IREN, the other crypto-adjacent firms in the Russell 1000 include Michael Saylor's Strategy (NASDAQ: MSTR), Coinbase (NASDAQ: COIN), and Robinhood (NASDAQ: HOOD).
As of press time, IREN stock was down 4.91% intraday, trading at $44.89.
Related: Strategy prepares to sell up to $1.25 billion of Bitcoin
