$IREN Ltd(IREN)$ Here is the dilution visualized.
The blue line is market cap. Without dilution, the June peaks could have hit $100+.
The proportions on the chart may be a bit off, but this is just a general representation. You can clearly see where share price was diluted the most — the $50 range. That is why we struggled to break past $49. A huge sell wall from dilution. This is all speculation though.
Current market cap was around $32 a year ago.
I am still bullish long term. I just hope my '28 $50 leaps can recover.
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