[Form 4] IREN Limited Insider Trading Activity

Rhea-AI Filing Summary

Daniel John Roberts, identified as a Director and Co-Chief Executive Officer of IREN Limited (IREN), filed a Form 4 reporting option transactions dated 09/03/2025 and 09/04/2025. The filing reports two sets of stock options to purchase ordinary shares that expire on December 20, 2025, each for 500,000 options. The exercise price of each option is AUD $5.005 per share (converted at the filing exchange rate to USD $3.27 per option). The filing states the options are fully vested and exercisable and are held through the Awassi Capital Trust #2, with the reporting person disclaiming beneficial ownership except for his pecuniary interest. The filing includes a signature dated 09/05/2025.

Positive

• Options are fully vested and exercisable, giving the reporting person immediate exercisable economic exposure.
• Timely Section 16 disclosure filed and signed, including transaction dates and option terms.
• Clear exercise price disclosure: AUD $5.005 per share (converted to USD $3.27 at the stated rate).

Negative

• Options held indirectly through Awassi Capital Trust #2 with a disclaimer of beneficial ownership, which limits clarity on direct control or voting intent.
• One reported line shows zero shares beneficially owned following the 09/04/2025 transaction, requiring readers to reconcile positions between lines (file provides the figures but not narrative explanation).

Insights

Securities Analyst

TL;DR: Insider filed disclosure for two 500,000-option positions exercisable and expiring Dec 20, 2025; exercise price AUD $5.005 (~USD $3.27).

The Form 4 provides clear reporting of two separate derivative transactions dated 09/03/2025 and 09/04/2025 involving stock options tied to IREN ordinary shares. Key points for investors include the aggregate size of each option block (500,000) and that the options are fully vested and exercisable before the December 20, 2025 expiration. The options are held via Awassi Capital Trust #2 and the filer disclaims beneficial ownership beyond pecuniary interest, which affects interpretation of economic exposure versus direct control.

Corporate Governance Expert

TL;DR: Timely Section 16 disclosure by a senior executive; holdings are indirect through a trust with a disclaimer of beneficial ownership.

The filing satisfies Section 16 reporting by identifying the reporting person as both a director and Co-CEO and by providing transaction dates, option terms, and ownership form. The disclosure that the options are held through Awassi Capital Trust #2 and that the reporting person disclaims beneficial ownership except to the extent of pecuniary interest is important for assessing voting and control rights. The document includes the required signature and an exhibit reference for power of attorney.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Roberts Daniel John

(Last) (First) (Middle)

C/O IREN LIMITED

LEVEL 6, 55 MARKET STREET

(Street)

SYDNEY C3 2000

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
IREN Ltd [ IREN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Co-Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/03/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options (Right to Buy)(1)	$3.27(2)	09/03/2025		S			500,000	(3)	12/20/2025	Ordinary Shares	500,000	$25.49	500,000	I	By Awassi Capital Trust #2(4)
Stock Options (Right to Buy)(1)	$3.27(2)	09/04/2025		S			500,000	(3)	12/20/2025	Ordinary Shares	500,000	$23.51	0	I	By Awassi Capital Trust #2(4)

Explanation of Responses:

1. Represents options to purchase ordinary shares of IREN Limited that expire on December 20, 2025 ("Options").

2. The exercise price of each Option is payable in Australian dollars at AUD $5.005 per share and converted into U.S. dollars using the transaction date exchange rate of USD $1.00 = AUD $1.53.

3. The Options are fully vested and exercisable.

4. The Options are held through the Awassi Capital Trust #2. The Reporting Person disclaims beneficial ownership of the Options except to the extent of his pecuniary interest therein.

Remarks:

Exhibit 24 - Power of Attorney

	s/ Cesilia Kim, attorney-in-fact for Daniel Roberts	09/05/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did Daniel John Roberts report on Form 4 for IREN (IREN)?

The Form 4 reports two stock option transactions dated 09/03/2025 and 09/04/2025, each for 500,000 options to purchase IREN ordinary shares expiring 12/20/2025.

What is the exercise price of the reported IREN options?

The exercise price is AUD $5.005 per share, converted in the filing to USD $3.27 using the stated exchange rate of USD $1.00 = AUD $1.53.

Are the reported IREN options vested and exercisable?

Yes. The filing explicitly states the options are fully vested and exercisable.

How are the options held according to the filing?

The options are held through the Awassi Capital Trust #2, and the reporting person disclaims beneficial ownership except to the extent of his pecuniary interest.

When was the Form 4 signed for the IREN disclosure?

The Form 4 shows a signature line dated 09/05/2025 signed by an attorney-in-fact for Daniel Roberts.