VanEck ranked Tokyo-listed Metaplanet Inc. (TSE: 3350 / OTCQX: MTPLF) as the only "Bad" company for executive compensation among the 10 largest Digital Asset Treasury (DAT) firms, defined as listed companies holding cryptocurrency as a core balance-sheet asset. The assessment found that Metaplanet’s equity plan represented 14.7% of fully diluted shares and officer exposure reached 8.2%, compared with peer averages of 4.0% and 0.8%, respectively. VanEck said officer exposure was roughly 10 times the average of the other nine companies and the overall plan was nearly four times their average. The pool expanded from 46 million shares to 319.5 million under a formula linked to share issuance used to finance Metaplanet’s Bitcoin purchases. After the company ended the automatic adjustment mechanism in August and reduced the pool by 41% in September to 188.2 million shares, VanEck said the remaining exposure still fell well short of acceptable standards. Strategy, the largest corporate Bitcoin holder, received a "Good" rating with a 2.0% equity plan and 0.5% officer exposure; its reserve is fixed and increases require a shareholder vote. VanEck recommended cancelling roughly 273 million shares created by the former adjustment clause, replacing the remaining rights with a shareholder-approved plan, tying compensation to Bitcoin per fully diluted share, adopting a written grant-timing policy and considering clawbacks of past grants. Metaplanet held 43,000 BTC, while Nakamoto Chief Executive Officer David Bailey defended the scale of its pool.