Bitcoin: Metaplanet Cuts Share Plan 41% as VanEck Stays Critical

VanEck is this time attacking Metaplanet’s governance, not its Bitcoin strategy. The manager believes that the Japanese group’s stock compensation plan remains far too generous despite two adjustments made since August. The pool still represents 14.7% of the fully diluted capital, while executives’ exposure reaches 8.2%. Metaplanet has nevertheless reduced the number of potential shares related to this mechanism by 41%. For VanEck, the account still does not add up.

In brief

Bitcoin: an option pool still far larger than others

VanEck compared the top ten publicly traded companies holding digital assets in treasury. Metaplanet is the only one to receive its most negative assessment on executive compensation. This is VanEck’s evaluation, not an accounting or regulatory qualification.

The Japanese group, however, holds one of the largest Bitcoin reserves among publicly traded companies. Its holdings reach 43,000 BTC, after the purchase of an additional 2,823 bitcoins announced this summer.