Bitcoin faces historical headwinds in September, closing lower about 67% of the time due to factors like quarter-end repo rates and the U.S. corporate tax deadline. However, October and the fourth quarter often bring strong gains, with Bitcoin closing October positive 83% of the time—a trend known as “Uptober,” highlighted by notable rallies such as +60.79% in 2013, +33.49% in 2015, +39.93% in 2021, and +28.52% in 2023.

Amid this backdrop, Bitcoin miner IREN Limited (IREN) surged over 12% in after-hours trading following strong quarterly and full-year results, including $187.3M in quarterly revenue, $176.9M net income, and $241.4M EBITDA, with $1B in annualized revenue from Bitcoin mining. The company is expanding its AI cloud business,adding ~$250M in annualized revenue, by replacing some ASICs with GPUs and developing new AI data centers, Horizon (Q4 2025) and Sweetwater (late 2027). IREN recently overtook rival MARA in Bitcoin production and fleet utilization, producing 728 BTC in July with over 90% of its fleet active. The stock closed at $23.02, giving the company a $5.4B market capitalization.

This combination of seasonal Bitcoin trends and strong operational performance from leading miners like IREN highlights potential opportunities for investors heading into the historically favorable fourth quarter.