VanEck Slams Metaplanet's 'Too Generous' Stock Plan Amid Bitcoin Holdings

Metaplanet, a Japanese company holding one of the largest Bitcoin reserves among publicly traded companies, has made adjustments to its stock compensation plan. The company's pool now represents 14.7% of fully diluted capital, and executives' exposure reaches 8.2%. However, VanEck, an asset manager, believes this is still too generous and has requested further changes.

The issue lies in the fact that when Metaplanet issues new shares to finance Bitcoin purchases, the number of options available to certain executives also increases. This has resulted in a pool that went from 46 million to 319.5 million potential shares, with about 273 million added through this mechanism.

Metaplanet had already removed the automatic increase clause and reduced the potential pool by 41%, but VanEck believes this is still not enough. The asset manager wants rewards to be linked to a measure such as Bitcoin held per fully diluted share, rather than just the number of shares outstanding.