- Record equity grants spark shareholder backlash at Bitcoin miners.
- Fred Thiel’s compensation nearly doubles industry average.
- Equity-heavy pay raises investor concerns on shareholder value.
Riot Platforms is under scrutiny as shareholders push back on CEO Fred Thiel’s record $79.3 million equity award in 2024.
Record equity awards at Bitcoin miners, including Riot Platforms and Marathon Digital, raise concerns over shareholder value and compensation practices.
Riot Platforms granted a $79.3 million equity award to CEO Fred Thiel, nearly doubling Marathon Digital’s CEO compensation. Shareholders are questioning these burgeoning pay packages, citing dilution risks to their investments.
The drastic compensation shifts have seen Riot Platforms allocate $230 million in total equity, accounting for 73% of 2024’s market cap increase. Riot’s CEO pay package has nearly reached double its 2022 value amidst ongoing equity reform efforts.
Market volatility looms as major crypto miner stocks, such as Riot, Marathon, and Core Scientific, may face increased sensitivity due to shareholder disputes. Public miners are moving towards performance-based stock units to better align interests with investors.
Average executive pay in the sector rose by 118% to $14.4 million in 2024. Shareholders are pressing for compensation structures that better reflect performance. The use of performance stock units (PSUs) continues to gain traction among major miners.
“In 2024, I received a record equity award of $79.3 million, which nearly doubles the compensation of Marathon Digital’s CEO and is significantly higher than industry averages.” – Fred Thiel, CEO, Riot Platforms
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