VanEck rates Metaplanet executive compensation as poor due to dilution risks

VanEck has rated the compensation structure of Metaplanet (Metaplanet) as poor, marking it as the only company in its report to receive the lowest rating. The report highlights that Metaplanet's equity plan accounts for 14.7% of fully diluted shares, with executive exposure at 8.2%, which is roughly 10 times the 0.8% average of other firms. While Metaplanet recently terminated an automatic option pool adjustment mechanism and reduced its pool by 41% to 188.2 million shares, VanEck argues these steps are insufficient. The firm recommends that Metaplanet reverse the previous expansion of 273 million shares and align executive compensation with the amount of Bitcoin (Bitcoin) held per fully diluted share.