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VanEck flags Metaplanet's high executive stock options diluting Bitcoin holdings despite salary cuts

Market News
21 Sep 2026
Blockonomi
View Source
Bearish
VanEck flags Metaplanet's high executive stock options diluting Bitcoin holdings despite salary cuts

VanEck's Bitcoin ChainCheck report highlights Metaplanet's executive option pool at 14.7% of fully diluted shares, far above peers, raising dilution concerns for shareholders. Officer exposure is 8.2%, nearly ten times the average among major Bitcoin treasury firms. Although Metaplanet cut executive base salaries by about 15%, it maintained large stock-based compensation. The company reduced its option pool twice in 2026, cutting it by 41%, but VanEck stresses the issue is dilution, not Bitcoin sales. Metaplanet still holds its full Bitcoin position, but the report warns shareholders about the impact of stock options on their actual Bitcoin ownership. VanEck prefers Bitcoin exposure via ETFs and ranks Metaplanet lowest in compensation transparency among top Bitcoin treasury companies.

The VanEck report on Metaplanet's Bitcoin treasury dilution comes as a backdrop to today's cryptocurrency market activity on Pluang. For readers following major cryptocurrencies, here is Pluang's market snapshot as of Sep 21, 2026 16:11 WIB: out of 50 priced major cryptocurrencies, 44 rose and 5 fell. Notable movers include AVAX at Rp198.059 with a 16.15% increase and a typical hold time of 87 days, EGLD at Rp74.366 up 14.98% with a typical hold time of 84 days, and GRT at Rp412 rising 13.51% with a typical hold time of 98 days. Pluang order activity shows AVAX with 59% Sell and 41% Buy, EGLD with 23% Sell and 77% Buy, and GRT with 83% Sell and 17% Buy.

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