Mining billions

Good morning.

IREN’s board has bolted its two Sydney co-CEOs into a stock package worth USD394.2 million ($568 million) each (citing the need to motivate high-calibre leaders), putting former Macquarie bankers Dan and Will Roberts on track for billionaire status. As Capital Brief’s Brandon How notes, each brother already sat on the former bitcoin miner’s shares worth around USD600 million before the grant.

What’s more, short-seller Jim Chanos posted on X that the grant equals “17% of the estimated cumulative adjusted net income of USD4.7b over the term of the grant, FY 2027 to FY 2030!”

ASX 200 as at market close. Bitcoin in USD.