Metaplanet Fails All 4 VanEck Tests on Treasury Executive Compensation

VanEck rated Metaplanet “Bad” on executive compensation practices, the only company among the 10 largest digital asset treasuries to get that grade. It fails all four of the firm’s tests. The research note landed on September 18.

That grade holds even after Metaplanet cut its executive option pool twice in the past month. What a Digital Asset Treasury Company Is A digital asset treasury company is a public company whose main business is holding crypto on its balance sheet.

Metaplanet is a Tokyo-listed one holding 43,000 Bitcoin (BTC). It funds those purchases by issuing new shares, alongside debt and preferred stock. Metaplanet Bitcoin Holdings. Source: BitcoinTreasuries Issuing new shares means the pie gets cut into more slices.

The slice gets smaller. That is dilution. The deal investors accept is straightforward. The company buys enough Bitcoin that each remaining slice is still worth more than before. Where Executive Pay Comes In Companies pay executives partly in stock options.