Bitcoin
VanEck Rates Metaplanet Executive Pay Structure as Weakest Among Treasury Peers
Asset manager VanEck gave Metaplanet a failing grade across all executive compensation benchmarks due to excessive insider option pool allocations.
Asset management firm VanEck assigned Metaplanet a "Bad" rating in an executive compensation assessment, making it the only entity among the top ten digital asset treasury companies to fail all four evaluation criteria. The research note examined option pool size, executive ownership levels, shareholder voting rights, and performance conditions.
According to VanEck, Metaplanet's option pool accounts for 14.7% of fully diluted shares, compared to a peer group average of 4.0%. Named executives control 8.2% of the company, exceeding the peer average of 0.8%. VanEck noted that approximately 82.8 million shares have already been distributed to insiders, with an additional 105.4 million potential shares remaining available.
The compensation framework originated from a February 2023 restructuring plan that granted seven employees options that automatically expanded by 20% with each new share issuance. As Metaplanet issued equity to finance its Bitcoin purchases starting in April 2024, its total share count expanded from 153.9 million to roughly 1.35 billion, driving the executive option pool from 46 million to 319.5 million shares. Although the company removed the evergreen provision in August and reduced the pool in September, VanEck maintained its negative evaluation.
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