Asset manager VanEck has published a research report reviewing executive compensation practices at 10 digital asset treasury companies, and Tokyo-listed Metaplanet was the only firm to receive a "poor" rating. According to the report, the company failed all four tests used in the review, and that assessment remained unchanged even after Metaplanet cut its executive option pool twice over the past month. VanEck said Metaplanet’s executive option pool equals 14.7% of fully diluted shares, versus a peer average of 4.0%. Executives themselves hold options equal to 8.2% of shares, compared with a peer average of 0.8%. Based on those figures, Metaplanet’s option pool is roughly four times the peer average, while executive-held options are about 10 times the group norm. The report also said the expansion of the option pool and two revisions made in 2026 were not submitted to shareholders for a vote. It added that the awards require only continued employment and do not include performance hurdles. VanEck noted that Metaplanet currently holds about 43,000 BTC.
Asset manager VanEck has released a research report evaluating executive compensation practices at 10 digital asset treasury companies. In that review, Tokyo-listed Metaplanet failed all four tests and received a "poor" rating, making it the only company in the group to receive that assessment.
VanEck said the rating remained in place even after Metaplanet reduced its executive option pool twice over the past month.
Option pool and executive holdings stood well above peers
The report said Metaplanet’s executive option pool amounts to 14.7% of fully diluted shares, compared with a peer average of 4.0%. Options held by executives account for 8.2%, versus an average of 0.8% among peers.
Using the figures cited in the report, Metaplanet’s option pool is roughly four times the peer average, while executive-held options are about 10 times higher than the group norm.
Two 2026 revisions did not go to shareholder vote
VanEck also said the growth of Metaplanet’s option pool, along with two revisions made in 2026, did not go through a shareholder vote. The awards require only that executives remain employed, with no performance threshold attached.
The report added that Metaplanet currently holds about 43,000 BTC.
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