VanEck, a global investment management firm, examined executive compensation across the 10 largest Digital Asset Treasury companies and marked Metaplanet as « Bad » due to shareholder dilution. Metaplanet’s option pool represents 14.7%, which is 3.7 times the 4.0% peer average, while officer exposure reaches 8.2%, which is 10.4 times the 0.8% average. VanEck estimates that management dilution could have absorbed roughly 20% of the economic value created through Bitcoin purchases, leaving shareholders with about 80%. The company holds 43,000 BTC worth $3.5 billion, and its stock is trading at ¥243.00 after a 2.10% increase, but is down nearly 50% year-to-date.
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