Bitcoin miners are becoming AI infrastructure companies. But shareholders are paying attention to how they finance the transition. Strategy (MSTR) issues equity to fund Bitcoin purchases. That’s the core of its Bitcoin treasury model. IREN is taking a different route: building AI cloud infrastructure while transitioning capacity away from Bitcoin mining. But its FY2026 numbers show the pivot is still underway: $578.2M in Bitcoin mining revenue $128.8M in AI cloud revenue $707M total revenue IREN also issued 47.2M shares under a new prospectus supplement, raising approximately $2.5B in gross proceeds by August 14. And CleanSpark? Its shares outstanding actually fell from 284.3M to 256.8M between September 2025 and June 2026. That’s a roughly 9.7% net reduction. The bigger lesson: don’t just compare mining capacity, BTC holdings or AI revenue. Compare the financing strategy and what happens to each share. #Bitcoin #IREN #MSTR #CLSK #CryptoStocks