Louisiana Representative Cleo Fields is currently facing scrutiny for a pair of notably well-timed stock trades. In July, Fields bought shares in the Bitcoin mining company IREN. The stock price has since surged massively.

Fields also purchased Oracle shares just weeks before the company announced it would oversee TikTok’s US algorithm. Both transactions occurred shortly before news that caused the respective stock prices to rise significantly.

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Lawmaker’s Timely Bitcoin Mining Stock Buy

The persistent debate over whether Congressional representatives use their positions for insider trading has resurfaced this week after Louisiana Representative Cleo Fields’ investment portfolio saw exponential growth following a series of timely stock purchases.

According to data from stock data firm Quiver Quantitative, Fields traded between $15,001 and $50,000 worth of IREN stock on July 10. Since then, IREN’s stock price rose by nearly 233%.

IREN is a Bitcoin mining company that recently aggressively expanded toward providing high-performance computing power for artificial intelligence. 

The company has made a series of announcements that have significantly caught investors’ attention. In August, IREN announced it had secured an Nvidia Preferred Partner Status, granting it priority access to its latest, high-demand GPUs.

IREN has publicly committed to doubling its GPU capacity to 23,000 units

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Author: Camila Grigera Naón