$IREN (+6,63 %) has the founders and co-CEOs Daniel and Will Roberts, respectively, 9,099,328 RSUs (Restricted Stock Units—shares that are transferred only after a vesting period). Together, this amounts to approximately 18.2 million shares worth approximately $700–800 million —depending on the share price on the valuation date—and represents approximately 5% dilution for existing shareholders.
Key facts:
- Vesting: in four equal annual installments over 4 years, beginning around July 2026
- Hold period: An additional 2-year holding period following each vesting—the final tranche will therefore not be freely available until the 2033 fiscal year
- Condition: Continued employment only— no performance targets (neither share price nor operational thresholds)
- Neither of them is to receive any further stock awards until the fiscal year 2031
The FinX community is reacting to this extremely critically —and the core criticism is justified: The package is purely time-based. Previous grants to the same CEOs were tied to share price targets, whereas this time, all that’s required is to remain in office for four years. The two-year lock-up period per tranche effectively ties the founders to the stock price until 2033. While this does motivate the founders to drive up the stock price—since they profit directly from its level—it is significantly less effective than genuine performance-based thresholds. From a governance perspective, this is a clear drawback, and existential for the fundamental investment case .
Source:
https://finance.yahoo.com/markets/stocks/articles/iren-nasdaqgs-iren-approves-800-231421785.html
