VanEck has taken aim at Metaplanet, arguing that the company’s executive stock compensation is still way higher than what’s typical for firms holding digital assets in their treasury. This criticism comes even as Metaplanet slashed its potential stock pool by 41%.

What happened

Metaplanet trimmed its potential stock pool by 41%. But according to VanEck, even after this move, the management’s exposure to company equity is still way above what you see at comparable digital asset-heavy firms.

Why it matters

When top execs get a big chunk of their pay in stock, it can crank up the dilution risk for existing shareholders if the share base expands. Investors tend to keep a close eye on these setups—especially at companies parking digital assets in their treasury—because capital structure and management incentives are a big deal in this space.

What changed at Metaplanet

Metaplanet tried to ease some pressure on its shareholder base by cutting the possible future stock pool by 41%. Still, VanEck points out that, even after this reduction, management’s stake through stock compensation is higher than the norm for digital asset treasury players.