IREN Limited received an amended Schedule 13G filing showing that a group of affiliated Susquehanna entities reports beneficial ownership of 13,954,021 ordinary shares, or 4.2% of the company’s outstanding stock as of December 31, 2025.
The reporting group includes Capital Ventures International, Susquehanna Advisors Group, G1 Execution Services, SIG Brokerage, Susquehanna Portfolio Strategies, and Susquehanna Securities. The filing notes that SIG Brokerage’s stake includes options to buy 154,900 shares and Susquehanna Securities’ stake includes options to buy 12,567,300 shares. The group certifies the position is held in the ordinary course of business and not to change or influence control.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
IREN Limited
(Name of Issuer)
Ordinary Shares, no par value
(Title of Class of Securities)
Q4982L109
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
Q4982L109
1
Names of Reporting Persons
Capital Ventures International
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
13,954,021.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
13,954,021.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,954,021.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.2 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Capital Ventures International, Susquehanna Advisors Group, Inc. and Susquehanna Portfolio Strategies, LLC, may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person. With respect to Row 5 and Row 7 above, Susquehanna Advisors Group, Inc. is the investment manager to Capital Ventures International and as such may exercise voting and dispositive power over the shares directly owned by Capital Ventures International.
SCHEDULE 13G
CUSIP No.
Q4982L109
1
Names of Reporting Persons
Susquehanna Advisors Group, Inc.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
PENNSYLVANIA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
13,954,021.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
13,954,021.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,954,021.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.2 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Capital Ventures International, Susquehanna Advisors Group, Inc. and Susquehanna Portfolio Strategies, LLC, may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person. With respect to Row 5 and Row 7 above, Susquehanna Advisors Group, Inc. is the investment manager to Capital Ventures International and as such may exercise voting and dispositive power over the shares directly owned by Capital Ventures International.
SCHEDULE 13G
CUSIP No.
Q4982L109
1
Names of Reporting Persons
G1 Execution Services, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
ILLINOIS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
793.00
6
Shared Voting Power
13,954,021.00
7
Sole Dispositive Power
793.00
8
Shared Dispositive Power
13,954,021.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,954,021.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.2 %
12
Type of Reporting Person (See Instructions)
BD, OO
Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Capital Ventures International, Susquehanna Advisors Group, Inc. and Susquehanna Portfolio Strategies, LLC, may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.
SCHEDULE 13G
CUSIP No.
Q4982L109
1
Names of Reporting Persons
SIG Brokerage, LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
242,385.00
6
Shared Voting Power
13,954,021.00
7
Sole Dispositive Power
242,385.00
8
Shared Dispositive Power
13,954,021.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,954,021.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.2 %
12
Type of Reporting Person (See Instructions)
BD, PN
Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Capital Ventures International, Susquehanna Advisors Group, Inc. and Susquehanna Portfolio Strategies, LLC, may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.
SCHEDULE 13G
CUSIP No.
Q4982L109
1
Names of Reporting Persons
Susquehanna Portfolio Strategies, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
318,123.00
6
Shared Voting Power
13,954,021.00
7
Sole Dispositive Power
318,123.00
8
Shared Dispositive Power
13,954,021.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,954,021.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.2 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Capital Ventures International, Susquehanna Advisors Group, Inc. and Susquehanna Portfolio Strategies, LLC, may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.
SCHEDULE 13G
CUSIP No.
Q4982L109
1
Names of Reporting Persons
Susquehanna Securities, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
13,392,720.00
6
Shared Voting Power
13,954,021.00
7
Sole Dispositive Power
13,392,720.00
8
Shared Dispositive Power
13,954,021.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,954,021.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.2 %
12
Type of Reporting Person (See Instructions)
BD, OO
Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Capital Ventures International, Susquehanna Advisors Group, Inc. and Susquehanna Portfolio Strategies, LLC, may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
IREN Limited
(b)
Address of issuer's principal executive offices:
Level 6, 55 Market Street, Sydney, NSW 2000 Australia
Item 2.
(a)
Name of person filing:
This statement is filed by the entities listed below, who are collectively referred to herein as "Reporting Persons" with respect to the Ordinary Shares, no par value (the "Shares"), of IREN Limited (the "Company").
(i) Capital Ventures International
(ii) Susquehanna Advisors Group, Inc.
(iii) G1 Execution Services, LLC
(iv) SIG Brokerage, LP
(v) Susquehanna Portfolio Strategies, LLC
(vi) Susquehanna Securities, LLC
(b)
Address or principal business office or, if none, residence:
The address of the principal business office of Capital Ventures International is:
P.O. Box 897
Windward 1, Regatta Office Park
West Bay Road
Grand Cayman, KY1-1103
Cayman Islands
The address of the principal business office of G1 Execution Services, LLC is:
175 W. Jackson Blvd.
Suite 1700
Chicago, IL 60604
The address of the principal business office of each of SIG Brokerage, LP, Susquehanna Advisors Group, Inc., Susquehanna Portfolio Strategies, LLC and Susquehanna Securities, LLC is:
401 E. City Avenue
Suite 220
Bala Cynwyd, PA 19004
(c)
Citizenship:
Citizenship is set forth in Row 4 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(d)
Title of class of securities:
Ordinary Shares, no par value
(e)
CUSIP No.:
Q4982L109
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The information required by this Item 4(a) is set forth in Row 9 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
The number of Shares reported as beneficially owned by SIG Brokerage, LP includes options to buy 154,900 Shares. The number of Shares reported as beneficially owned by Susquehanna Securities, LLC includes options to buy 12,567,300 Shares.
The Company's Quarterly Report on Form 10-Q, filed on February 5, 2026, indicates that there were 331,759,177 Shares outstanding as of December 31, 2025.
(b)
Percent of class:
4.2 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information required by this Item 4(c)(i) is set forth in Row 5 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(ii) Shared power to vote or to direct the vote:
The information required by this Item 4(c)(ii) is set forth in Row 6 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(iii) Sole power to dispose or to direct the disposition of:
The information required by this Item 4(c)(iii) is set forth in Row 7 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(iv) Shared power to dispose or to direct the disposition of:
The information required by this Item 4(c)(iv) is set forth in Row 8 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Capital Ventures International
Signature:
/s/ Brian Sopinsky
Name/Title:
Brian Sopinsky, Assistant Secretary of Susquehanna Advisors Group, Inc.
Date:
02/12/2026
Susquehanna Advisors Group, Inc.
Signature:
/s/ Brian Sopinsky
Name/Title:
Brian Sopinsky, Assistant Secretary
Date:
02/12/2026
G1 Execution Services, LLC
Signature:
/s/ Brian Sopinsky
Name/Title:
Brian Sopinsky, Secretary
Date:
02/12/2026
SIG Brokerage, LP
Signature:
/s/ Brian Sopinsky
Name/Title:
Brian Sopinsky, Assistant Secretary
Date:
02/12/2026
Susquehanna Portfolio Strategies, LLC
Signature:
/s/ Brian Sopinsky
Name/Title:
Brian Sopinsky, Assistant Secretary
Date:
02/12/2026
Susquehanna Securities, LLC
Signature:
/s/ Brian Sopinsky
Name/Title:
Brian Sopinsky, Secretary
Date:
02/12/2026
Comments accompanying signature: Susquehanna Advisors Group, Inc. serves as authorized agent of Capital Ventures International pursuant to a Limited Power of Attorney, a copy of which was previously filed.
Exhibit Information
EXHIBIT INDEX
EXHIBIT DESCRIPTION
________ ________
24 Limited Power of Attorney*
99 Joint Filing Agreement*
* Previously filed
What stake in IREN (IREN) do the Susquehanna-related entities report?
The Susquehanna-related entities report beneficial ownership of 13,954,021 IREN ordinary shares, representing 4.2% of the class. This percentage is based on 331,759,177 shares outstanding as of December 31, 2025, according to the company’s Form 10-Q.
Which entities are included in the IREN (IREN) Schedule 13G/A reporting group?
The filing lists six reporting persons: Capital Ventures International, Susquehanna Advisors Group, G1 Execution Services, SIG Brokerage, Susquehanna Portfolio Strategies, and Susquehanna Securities. They may be deemed a group and report shared voting and dispositive power over the same 13,954,021 IREN shares.
How much of IREN (IREN) is held through options by the Susquehanna entities?
The Schedule 13G/A explains that SIG Brokerage’s reported beneficial ownership includes options to buy 154,900 shares, while Susquehanna Securities’ position includes options to buy 12,567,300 shares. These option holdings are counted within the 13,954,021 shares reported as beneficially owned.
Are the Susquehanna entities seeking control of IREN (IREN) with this stake?
The reporting group certifies the IREN shares were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control. They also state the holdings are not part of any transaction aimed at influencing the issuer’s control.
Why did the Susquehanna group file an amended Schedule 13G/A on IREN (IREN)?
The amendment updates the group’s beneficial ownership information for IREN as of December 31, 2025, reflecting a 4.2% position. Schedule 13G/A amendments are used to refresh ownership levels and related details once certain reporting thresholds or timing requirements are met.
What voting and dispositive powers do the Susquehanna entities report over IREN (IREN) shares?
Each reporting entity shows either sole or shared voting and dispositive power, with 13,954,021 shares listed under shared voting and shared dispositive power. The filing notes that each entity disclaims beneficial ownership of shares directly owned by the others.
