Metaplanet Slammed by VanEck for Excessive Executive Compensation

Metaplanet has been given a 'Bad' grade by VanEck on executive compensation practices. It is the only company among the top 10 digital asset treasuries to receive this rating.

The research note, published September 18, found that Metaplanet fails all four of VanEck's tests. The first test measures the size of the option pool against fully diluted shares, with Metaplanet's pool being 14.7% compared to a peer average of 4.0%. Its executives hold 8.2%, which is roughly 10 times the peer level.

The company's executive compensation practices have been criticized by VanEck, which notes that shareholders never voted on the growth or two 2026 amendments. The awards also require no performance hurdles beyond staying employed. Metaplanet's option pool has grown significantly, from 46 million shares in 2023 to 319.5 million today.

Despite a recent rollback of the terms, VanEck says that Metaplanet still falls short of acceptable standards. The company would need to make significant changes, including cancelling nearly 273 million shares created by the clause and implementing a shareholder-approved plan tied to Bitcoin per share, to improve its grade.