Crypto
Metaplanet's Bitcoin Treasury Faces Scrutiny Over Shareholder Dilution
Metaplanet's Bitcoin treasury strategy has come under scrutiny from VanEck, which highlighted executive stock-option capacity equivalent to 22.4% dilution.
The issue is not about Metaplanet selling its BTC holdings but rather the potential shareholder dilution accompanying the strategy.
Cutting executive base salaries by around 15%, Metaplanet has opted for substantial equity-based compensation, raising concerns about share issuance and treasury math.