Iren Ltd (NASDAQ:IREN) is one of the most profitable cryptocurrency stocks to buy now. The stock is up roughly 45% year-to-date, and it has exploded more than 590% over the past year. Analysts continue to see upside potential in IREN shares.

On June 4, B.Riley raised its price target on Iren Ltd (NASDAQ:IREN) shares to $96 from $88 while keeping a Buy rating on the stock. The updated target indicates roughly 55% upside from the current price. For this call, B.Riley cited progress in Iren’s Bundey data center project in Australia. According to B.Riley, Iren’s Australian background gives it an edge in a region where AI compute capacity demand is outpacing supply.

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