Metaplanet Criticized for Executive Compensation Structure

VanEck, an asset manager, has criticized Metaplanet's executive compensation structure, saying it does not adequately align management with investors. In a report examining executive compensation across the top digital asset treasury companies, VanEck labeled Metaplanet's compensation structure as 'Bad.'

The report found that Metaplanet's officer exposure is roughly 10 times the average of the other nine companies analyzed, while its overall equity plan is nearly four times the peer average. This disparity stems partly from Metaplanet's former compensation structure, which allowed its option pool to expand automatically as the company issued shares to fund Bitcoin purchases.

VanEck said that the mechanism caused the pool to grow from 46 million shares to 319.5 million, adding roughly 273 million potential shares. The expansion drew criticism from some Metaplanet shareholders, who called on the company to cancel the additional potential shares created by the adjustment mechanism.

Metaplanet ended the automatic adjustment mechanism in August and cut the overall pool by 41% in September, but VanEck said the changes still 'fall well short of the mark.'