Executives at crypto reserve companies have reportedly secured substantial payouts before their stock prices collapsed this year. According to RBC and Protos, these executives received significant compensation packages, as detailed in regulatory filings. Notably, David Bailey, CEO of Nakamoto (NAKA), was awarded a $250,000 signing bonus, a $58,000 monthly salary, a $5 million stock option grant, $1 million in stock awards, and $2.1 million in annual incentives. Nakamoto's stock, which peaked at $34.77 in May, now trades around $0.45, with its market cap falling below the value of its Bitcoin reserves.
Similar trends were observed in other crypto reserve firms like DeFi Development Corporation and Upexi, where executive pay was linked to declining stock values. Shareholders are increasingly opposing excessive executive compensation, with VanEck research indicating only 64% average support for such proposals among U.S.-listed crypto miners, significantly lower than the 90% and 91% support seen in S&P 500 and Russell 3000 companies.
Crypto Executives Secure Millions Before Stock Plummets
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