VanEck Rates Metaplanet Executive Pay as Bad

VanEck, a global investment management firm, has rated Metaplanet's executive compensation as "Bad," the only company in the lowest category among the top 10 digital asset treasury companies reviewed. The rating highlights concerns over shareholder dilution tied to the Tokyo-listed firm's Bitcoin treasury strategy. According to VanEck's research note published on September 18, 2026, Metaplanet's executive option pool equals 14.7% of fully diluted shares, with named executives holding 8.2%. These figures are far above the peer averages of 4.0% and 0.8%, respectively. The firm failed all four of VanEck's tests on compensation practices, including option pool size, executive ownership, shareholder approval rights, and performance conditions. Metaplanet's compensation structure originated from a February 2023 rescue plan when the company was a struggling hotel operator. Shareholders approved options covering 46 million shares for seven employees, but a clause automatically adjusted the award to 20% of every share issued. After adopting a Bitcoin strategy in April 2024, the company issued equity to fund purchases, causing the option pool to grow from 46 million to 319.