Metaplanet Fails All Four VanEck Tests on Executive Compensation

VanEck has rated Metaplanet “Bad” on executive compensation among the 10 largest digital asset treasury companies. The assessment, published September 18, found that Metaplanet failed all four of VanEck’s governance tests.

VanEck measured option-pool size, executive exposure, shareholder approval requirements, and performance hurdles. Metaplanet’s option pool equals 14.7% of fully diluted shares, versus a 4% peer average. Named officers hold 8.2%, compared with 0.8% among the other nine companies. The largest officer award represents 3.8% of fully diluted shares, while Metaplanet’s awards lack performance conditions.

The rating remains unchanged despite two recent board actions. On August 18, Metaplanet removed the automatic adjustment clause. On September 11, it cut the potential pool 41% to 188.2 million shares. VanEck said the remaining exposure still exceeds every peer on its measured size metrics. The firm also noted that the original structure came from a 2023 shareholder-approved plan, before Metaplanet adopted its Bitcoin treasury strategy.