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VanEck Flags Metaplanet Dilution Risk After Pool Cuts

By Markets Desk · 2026-09-19 · 1 min read
A stack of physical gold bars and a single shiny coin resting on a dark wooden desk
Illustration: Tradingbird

Metaplanet reduced its executive share pool by 41%, yet VanEck argues the remaining equity exposure remains excessive compared to industry peers.

Metaplanet cut its potential share pool by 41% in September. The reduction brought the total from 319.5 million to 188.2 million shares. VanEck stated that this move falls well short of the mark. The firm’s equity exposure remains significantly higher than its digital asset treasury peers.

The disparity stems from a former compensation structure at Metaplanet. This system allowed the option pool to expand automatically as the company issued shares to buy Bitcoin. The mechanism added roughly 273 million potential shares to the pool. Some shareholders criticized this expansion and called for the cancellation of these additional shares.

Automatic expansion drives dilution concerns

The option pool grew from 46 million to 319.5 million shares due to the adjustment clause. Metaplanet ended this automatic mechanism in August. The company then executed the 41% cut in September. VanEck noted that unless past grants are clawed back, much of this dilution has already occurred.

VanEck calls for structural compensation changes

The report urges Metaplanet to reverse the 273 million-share expansion. It recommends replacing remaining rights with a shareholder-approved plan. VanEck also suggested tying executive pay to Bitcoin per fully diluted share. The firm advised adopting a written policy for grant timing.

Peer comparison highlights equity disparity

VanEck compared Metaplanet’s metrics against top Bitcoin treasury companies. The data shows Metaplanet’s executive equity exposure is an outlier. The firm argues that current levels do not align with peer standards. This report was published by Cointelegraph.

Based on reporting by Cointelegraph, compiled by the Tradingbird desk.

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