VanEck’s latest Bitcoin ChainCheck highlights executive option capacity equivalent to roughly 22.4% dilution at Metaplanet, focusing attention on the company’s capital structure rather than any sale of its Bitcoin holdings. Metaplanet has reduced executive base salaries by around 15%, but the analysis says that cut sits alongside substantial equity-based compensation. The issue is significant because investors increasingly assess corporate Bitcoin strategies by Bitcoin held per share, not only by total holdings. Earlier source material described a 41% reduction in Metaplanet’s stock compensation plan, from 319.5 million potential shares to 188.2 million, and put the revised plan at 14.7% of the fully diluted share base; the latest analysis cites the separate 22.4% executive option capacity figure.