Metaplanet criticized by VanEck over executive compensation and dilution

Asset manager VanEck has criticized the executive compensation structure of Metaplanet, a Japanese company utilizing a Bitcoin treasury strategy. In an analysis of ten major digital asset treasury firms, VanEck rated Metaplanet in the lowest tier, labeling its compensation practices as “Bad.”

VanEck highlighted significant shareholder dilution risks, noting that Metaplanet’s equity plan accounts for 14.7% of fully diluted shares, compared to a peer average of approximately 4%. Furthermore, officer exposure stands at 8.2%, significantly higher than the peer average of 0.8%.

While Metaplanet recently implemented changes—including ending an automatic adjustment clause in August and reducing its option pool by 41% in September—VanEck argues these measures “fall well short of the mark.” The firm is calling for a shareholder-approved compensation plan and the reversal of a roughly 273 million-share expansion caused by previous adjustment clauses.