VanEck Slams Metaplanet's Executive Compensation Plan as 'Bad'

Asset manager VanEck has criticized Metaplanet's executive compensation structure, saying it doesn't adequately align management with investors. In a report examining the top 10 digital asset treasury companies, VanEck labeled Metaplanet's plan as 'Bad', making it the only firm to receive this rating.

VanEck cited an equity plan equal to 14.7% of fully diluted shares and officer exposure of 8.2%. By comparison, Strategy, the largest corporate Bitcoin holder, has an equity plan equal to 2% of fully diluted shares and officer exposure of 0.5%. VanEck's own compensation structure was rated 'Good', with a fixed equity reserve that requires shareholder approval for increases.

The 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. This mechanism caused the pool to grow from 46 million shares to 319.5 million, adding roughly 273 million potential shares. VanEck recommends that Metaplanet reverse this expansion and replace it with a shareholder-approved plan.