VanEck rated Metaplanet « Bad » on executive compensation practices, making it the only company among the 10 largest digital asset treasuries to receive that grade. It fails all four of the firm’s tests. Metaplanet’s share count climbed from 153.9 million to roughly 1.35 billion in two years, with the option pool peaking at 319.5 million shares, representing 14.7% of shares against a 4.0% peer average. VanEck estimates Metaplanet passed roughly 80% of the Bitcoin it bought through to shareholders, with management dilution absorbing the rest. The board cut the pool by 41% in September, but 82.8 million shares had already reached insiders under the old terms, and the « Bad » grade stands.
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