Iren Shares Slide 10.4% After $700M Co-CEO RSU Grant
IREN•IREN’s stock plunged 10.39% after its board awarded co-CEOs 18.2 million restricted stock units valued at $700 million, triggering concerns over shareholder dilution. The grant represents one of the largest equity awards in the bitcoin-mining industry and coincided with a spike in trading activity.
1. Executive Grant Details
IREN’s board granted its two co-CEOs a combined 18.2 million restricted stock units valued at approximately $700 million, vesting over a multi-year period. The award size ranks among the largest equity grants in the bitcoin-mining segment.
2. Market Reaction
The announcement sent IREN’s shares down 10.39% in intraday trading and triggered elevated trading volumes as investors sold on dilution worries.
3. Investor Governance Concerns
Shareholders expressed unease over potential dilution and questioned board oversight of executive compensation, intensifying scrutiny of the company’s governance practices.
