Metaplanet fails all 4 VanEck tests on treasury executive compensation

The global asset manager VanEck published an analysis on September 18 regarding the executive compensation practices of treasury executives at leading companies with large digital asset reserves. According to the report, Metaplanet was the only one among the ten largest crypto treasuries to fail all four corporate governance tests related to executive compensation, receiving the lowest rating: “Poor.” The result raises questions about the transparency and alignment of interests at the Japanese company, which has gained attention for its aggressive Bitcoin accumulation strategy.

What are VanEck’s compensation tests?

VanEck analyzed four key criteria to assess whether executive compensation is aligned with shareholder interests and good governance practices. The tests involve: clear disclosure of compensation policies, shareholder participation in salary decisions, existence of limits on share dilution, and transparency mechanisms for bonuses and incentives. The goal is to identify potential risks of conflicts of interest, mismanagement of resources, or practices that could harm long-term share value.

Among the ten largest global companies with significant crypto holdings in their treasuries, only Metaplanet failed to meet any of the criteria, while the others passed at least one test. This analysis is relevant for institutional and retail investors seeking indirect exposure to Bitcoin and other digital assets through listed company shares.

Metaplanet: aggressive on Bitcoin, lacking in governance

Metaplanet gained international attention in 2024 when it announced a treasury strategy similar to MicroStrategy’s, accumulating large volumes of Bitcoin on its balance sheet. Headquartered in Japan, the company saw its share price soar after revealing successive BTC acquisitions, becoming one of the largest corporate holders of the digital asset outside the United States.

However, VanEck’s recent assessment indicates that Metaplanet’s rapid growth has not been accompanied by improvements in corporate governance practices, especially in managing executive compensation. According to the report, the lack of detailed disclosure of salary policies and control mechanisms may create uncertainty about the company’s use of resources and its long-term sustainability.

Impacts for investors and the crypto market

For investors, the “Poor” rating given by VanEck to Metaplanet serves as a warning about potential risks not only related to Bitcoin’s volatility, but also to internal management issues. In a sector where transparency and alignment of interests are crucial to attracting institutional capital, governance failures can limit the company’s access to new investors and affect market confidence.

The Metaplanet case highlights the importance of robust governance criteria for companies operating in the crypto ecosystem. In an increasingly regulated environment under scrutiny from international bodies, companies that do not adhere to high transparency standards may face challenges in raising funds or even maintaining market value. The example also puts pressure on other crypto treasuries to improve their practices to avoid similar negative assessments.

What to watch next

Despite VanEck’s rating, Metaplanet has maintained its stance and has not announced any immediate changes to its executive compensation policies. Attentive investors should monitor possible updates in the company’s governance practices, especially given the growing attention from regulators and the global market. Changes in this area could directly impact risk perception and the company’s share performance, as well as influence other companies in the sector.

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With information from BeInCrypto Brazil (September 2026).

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Alexandre Bianchi

Fundador da Bianchi Capital e do Zayion AI. ~10 anos no mercado de ativos digitais, autor de referência e presença na mídia.

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