IREN Ltd is trading 2.15% down at $58.67 today, pulling back following a strong multi-day rally. This occurs despite Jefferies initiating coverage on the stock today, spotlighting the company's transition from Bitcoin mining to AI infrastructure, its long-term deals with Microsoft and Nvidia, and a recent European acquisition. The stock's decline appears driven by routine volatility and profit-taking, even as major cryptocurrencies are modestly higher and broader U.S. equity markets remain mixed.