VanEck Flags Heavy Executive Dilution At Bitcoin Treasury Firm Metaplanet

TL;DRVanEck has taken a closer look at dilution inside Metaplanet’s Bitcoin treasury strategy.
Its analysis points to executive option capacity equal to 22.4% of shares.
The issue is not Metaplanet selling Bitcoin, but how much shareholder dilution could accompany the strategy.Metaplanet has become one of the most closely watched corporate Bitcoin buyers outside the United States, but VanEck is drawing attention to another part of the story: how the company is paying management while build