VanEck’s September 18 survey of the 10 largest digital asset treasury companies by market capitalization rated Metaplanet the sole company in the lowest Bad category for executive compensation practices. The review assessed compensation-pool size, executive allocations, automatic expansion without shareholder approval and performance conditions. Six companies were rated Good and three Acceptable; the group included Strategy, BitMine Immersion Technologies and Strive. Metaplanet’s revised compensation pool represented 14.7% of fully diluted shares, with executives accounting for 8.2% and the largest individual allocation for 3.8%. Those levels were approximately 3.7, 10.4 and 5.9 times the averages of the other nine companies, respectively. The company removed an automatic-growth clause on August 18 and reduced the potential pool by 41.1% to 188.2 million shares on September 11, but 82,824,000 shares had already been delivered and the exercise price remains ¥10. VanEck said the program still fell short of Acceptable because it lacks performance conditions, uses a low exercise price and was changed without shareholder approval. Metaplanet holds approximately 43,000 BTC, bought an additional 2,823 BTC during the summer and plans to acquire another 2,100 BTC through the U.S.-listed vehicle Superplanet. The review focuses on how much value from the Bitcoin treasury strategy reaches shareholders after dilution, as Metaplanet expands fundraising through bonds and its BitBonds structure.