VanEck criticizes Metaplanet over executive dilution despite compensation cuts

Asset manager VanEck has criticized Metaplanet’s executive compensation structure, arguing that recent efforts by the Bitcoin treasury company to curb shareholder dilution still fall short of adequately aligning management with investors.

In a Friday report examining executive compensation across the 10 largest digital asset treasury companies, VanEck labeled Metaplanet’s compensation structure “Bad,” making it the only firm to fall into the lowest category. VanEck cited an equity plan equal to 14.7% of fully diluted shares and officer exposure of 8.2%.

VanEck said Metaplanet’s officer exposure is roughly 10 times the 0.8% average of the other nine companies analyzed, while its overall equity plan is nearly four times the peer average.

By comparison, Strategy, the largest corporate Bitcoin (BTC) holder, has an equity plan equal to 2% of fully diluted shares and officer exposure of 0.5%. VanEck rated its compensation structure “Good,” noting that its equity reserve is fixed and plan increases require a shareholder vote. 

Metaplanet is a Japanese Bitcoin treasury company that currently ranks as the third-largest publicly traded corporate Bitcoin holder, with 43,000 BTC, according to BitcoinTreasuries.net.