IREN Awards Co-CEOs $700M Stock Package as Bitcoin Miner Expands AI Strategy

IREN has approved a long-term equity compensation package worth approximately $700 million for its co-founders and co-CEOs, Daniel and William Roberts, as the Bitcoin mining company continues its transition toward AI infrastructure.

The board authorized 18.2 million restricted stock units (RSUs), with each executive receiving 9,099,328 units on June 30. The award represents roughly 5% of the company and is structured to promote long-term leadership, extending through fiscal 2033. The RSUs will vest over four years, while each vested tranche will remain subject to a two-year restriction before it can be sold. Under the agreement, neither executive is eligible for additional equity grants before fiscal 2031.

Founded in 2018 by the Roberts brothers, IREN listed on Nasdaq in 2021. The company has increasingly shifted its focus from Bitcoin mining to AI computing infrastructure, using new capital to support its expansion strategy.

The compensation timeline closely aligns with the expiration of the founders' dual-class voting rights. Each brother owns a single Class B share carrying 15 votes per ordinary share. According to the company's proxy filing, each founder held approximately 2.3% of IREN's equity but controlled 21.8% of the voting power as of August, giving them a combined voting stake of nearly 44%. Those enhanced voting rights are expected to expire around November 2033.

Meanwhile, IREN's outstanding share count increased from roughly 272 million last August to 341 million by March, reflecting equity issuance tied to its AI-focused growth plans.

Investors reacted negatively to the announcement. IREN shares dropped around 10% to $38.82 on July 2, according to TradingView. Short seller Jim Chanos criticized the size of the award, estimating it equates to about 17% of the company's projected cumulative adjusted net income between fiscal 2027 and 2030. He also noted the grants vest based on continued employment rather than performance targets.

IREN defended the decision in a regulatory filing, stating the equity package is intended to retain and motivate its co-CEOs as they execute the company's long-term strategy and accelerate its transformation into an AI infrastructure provider. The effectiveness of the plan will ultimately depend on whether IREN delivers sustained growth throughout its AI expansion.