VanEck Criticizes Metaplanet’s Executive Compensation and Share Dilution

VanEck criticizes Metaplanet — Asset manager VanEck has criticized Metaplanet’s executive compensation structure, arguing the Japanese Bitcoin treasury firm‘s policies still lead to excessive shareholder dilution despite recent cuts.

In a report published Friday, VanEck rated Metaplanet’s compensation as “Bad,” the lowest rating among the ten largest digital asset treasury companies it analyzed. The firm highlighted that Metaplanet’s equity plan equals 14.7% of fully diluted shares, with officer exposure at 8.2%—roughly ten times the peer average of 0.8%.

The criticism stems partly from a former compensation mechanism that allowed Metaplanet’s executive option pool to expand automatically as the company issued shares to fund Bitcoin purchases. Although Metaplanet ended this mechanism in August and cut its overall option pool by 41% in September, VanEck said the changes “fall well short of the mark.”

VanEck called for Metaplanet to reverse the share expansion created by the old clause and tie future executive compensation to metrics like Bitcoin per fully diluted share. Metaplanet is the third-largest publicly traded corporate Bitcoin holder, with 43,000 BTC.