Retard Bag Finder

Pride month is over, you guys can stop being faggots now

$IREN : RSU grant to Co-CEOs Dan and Will Roberts. 9.1 million RSUs each. 18.2 million combined. 4 year vesting. 2 year mandatory post-vesting hold. No additional equity grants until 2031. On the surface the structure looks shareholder friendly. Long lockup. No immediate sell pressure. Board alignment. But here’s my concern. 18.2 million RSUs represents 5.09% dilution of current shares outstanding. This isn’t happening in isolation. IREN’s share count has nearly tripled from roughly 100 million in 2024 to over 357 million today. ATM facility expanded to $6 billion. Stock based compensation trailing 12 months - $408 million record high. The RSUs are purely time based. No ARR targets. No revenue milestones. No stock price hurdles. Dan and Will vest automatically as long as they remain employed, regardless of whether $4.4B ARR is hit or not. Two separate actions worth distinguishing. May 2025 - the board modified existing performance RSUs into time based awards because the original stock price targets were missed. June 30 2026 - the board authorised a brand new 18.2 million RSU block with no performance hurdles attached from the outset. The first was damage control. The second is a deliberate philosophy choice. Together they establish a pattern. In previous years $IREN used Performance RSUs with aggressive stock price milestones ranging from $20 to $1,850. That accountability mechanism has now been removed entirely. The traditional structure was clear. Hit the milestones or don’t get paid. Shareholders accept dilution because the stock price has multiplied to justify it. The new structure is different. 5.09% dilution is guaranteed regardless of execution. If the stock drops to $5 Dan and Will still walk away with a combined package worth $91M just for showing up. The board’s argument - long term ownership stake is a cleaner incentive. Six year lockup chains personal net worth to the stock. No new grants until 2031. That’s a reasonable position. But it removes the explicit accountability mechanism that performance hurdles provide. The only genuine silver lining - the two year post-vesting hold prevents promotional pumps and short term dumps onto retail. I remain invested in $IREN and believe in the thesis. But shareholders have funded this buildout through repeated dilution. The bar for executive compensation should be rising alongside the ambition of the targets management itself has set. This is a legitimate governance concern. $IREN NFA