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 firms 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. Sponsored Sponsored 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. An option is the right to buy company shares later at a fixed price. If the share price rises, that right is worth money. Those options sit in a pool. A pool worth 2% of the company means executives could eventually claim 2% of all shares. The bigger the pool, the more of
