Bitcoin Miner IREN Falls After $700 Million Co-CEO Stock Award

IREN shares fell about 10% to $38.82 on July 2 after the Bitcoin miner granted its two co-CEOs 18.2 million restricted stock units worth about $700 million, equal to roughly 5% of the company. According to BeInCrypto, the board approved 9,099,328 units each for founders and former Macquarie bankers Daniel and William Roberts on June 30; the RSUs vest over four years, with each tranche subject to a two-year sale ban, and the final shares unlocking in fiscal 2033. The filing said neither executive can receive another equity grant before fiscal 2031.