Shares of IREN have surged to a new 52-week high, reaching $20.11 on July 21, 2025, marking a 140% increase since June 1. The stock's rise has been attributed to momentum following the CORZ deal and sustained put selling since mid-April 2025. Options activity for IREN has been robust, with implied volatility (IV30) up 15% and 150,000 calls traded in the opening hour on July 21. Notably, March $12 calls purchased on June 11 at $2.52 have increased to $11, highlighting strong investor interest. Despite the rapid ascent, technical analysis suggests a potential consolidation around the $18 range, although weekly momentum remains positive. Pre-market trading on July 22 showed IREN at $19.40, and September $20 call options indicate expectations of further gains in the coming months. In related market activity, the bond ETF TLT has shown strength after recent weakness, trading within a range, while real estate investment trusts (REITs) represented by VNQ and IYR are moving out of consolidation, supported by TLT's movement.