Shareholders reject high salaries for executives of public Bitcoin mining companies after granting record stock

Shareholders have reduced their support for executive compensation packages at leading U.S. Bitcoin mining companies ($BTC ) to an average of 64% in this year's proxy season, which is significantly below the approval benchmark of over 90% across the S&P 500 index, according to a research note from VanEck on July 10.

VanEck reviewed filings from eight listed mining companies and found that the average Named Executive Officer (NEO) compensation rose from $6.6 million in 2023 to $14.4 million in the draft proxy statements for 2024.

Equity and other long-term instruments accounted for 79% of total compensation in 2023 and 89% in 2024, far exceeding the 63% ratio in the Russell 3000 and the energy sector's weight of 63%.

Base salaries remained close to industry standards at around $474,000, but stock grants increased significantly.

The CEO of Riot Platforms received a stock bonus of $79.3 million for 2024, nearly double Marathon's grant of $40.1 million,#BTCBreaksATH #ShariaEarn $ETH #FOMCWatch #SECETFApproval #BinanceTurns8