# VanEck Criticizes Metaplanet Over Executive Dilution Despite Compensation Cuts Equity exposure remains high despite recent reductions, says VanEck. - **Source:** [Cointelegraph.com News](https://brifing.si/source/2e81e982-0137-4db0-8ac2-351f37085775) - **Published:** 2026-09-19 - **Topic:** [Finance](https://brifing.si/c/finance) - **Original article:** - **On Brifing:** https://brifing.si/s/9be43964-8c28-42bc-9f0b-f2772afa6743 ## VanEck's Criticism VanEck has criticized Metaplanet's executive compensation structure, arguing it fails to align management with investors. Despite Metaplanet cutting its potential share pool by 41%, VanEck claims the company's executive equity exposure remains significantly higher than its peers. Metaplanet's equity plan equals 14.7% of fully diluted shares, with officer exposure at 8.2%, far exceeding industry averages. ## Peer Comparison Metaplanet's officer exposure is roughly 10 times the 0.8% average of the other nine companies analyzed by VanEck. Its overall equity plan is nearly four times the peer average. In contrast, Strategy, the largest corporate Bitcoin holder, has an equity plan equal to 2% of fully diluted shares and officer exposure of 0.5%, earning a 'Good' rating from VanEck. ## Historical Context Metaplanet's former compensation structure 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. The expansion drew criticism from shareholders, leading to the cancellation of the automatic adjustment mechanism in August 2026. ## Recent Adjustments In September 2026, Metaplanet cut its overall share pool by 41%, reducing it from 319.5 million to 188.2 million shares. Despite these changes, VanEck argues that Metaplanet's compensation structure still 'falls well short of the mark.' The asset manager called for further reductions and the replacement of remaining rights with a shareholder-approved compensation plan. ## VanEck's Recommendations VanEck recommended that Metaplanet tie executive compensation to a metric such as Bitcoin per fully diluted share and adopt a written grant-timing policy. The firm also suggested reversing the 273 million-share expansion created by the adjustment clause. VanEck noted that unless past grants are clawed back, much of the dilution has already occurred. ## Metaplanet's Position Metaplanet is a Japanese Bitcoin treasury company and ranks as the third-largest publicly traded corporate Bitcoin holder, with 43,000 BTC. The company's compensation structure has been a point of contention, particularly due to its high equity exposure compared to peers. Metaplanet's recent adjustments aim to address shareholder concerns but have been deemed insufficient by VanEck. ## Industry Implications The criticism from VanEck highlights broader concerns about executive compensation in digital asset treasury companies. High equity exposure can lead to significant shareholder dilution, undermining investor confidence. Metaplanet's case serves as a cautionary example for other firms in the industry to ensure their compensation structures align with shareholder interests. ## Future Outlook VanEck's report underscores the need for Metaplanet to adopt more stringent compensation policies to restore investor trust. The firm's recommendations, if implemented, could set a precedent for other digital asset treasury companies. However, the effectiveness of these measures will depend on Metaplanet's willingness to make further adjustments and align with industry standards. ## Sources covering this story - https://cointelegraph.com/news/vaneck-labels-metaplanet-compensation-bad?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._