VanEck said Metaplanet's executive equity exposure remains far above that of its digital asset treasury peers, despite a 41% reduction in the company's potential share pool. The asset manager rated Metaplanet's compensation structure "Bad" and said its 8.2% officer exposure and 14.7% equity plan remain excessive. VanEck called for a shareholder-approved compensation plan and changes linking executive pay to Bitcoin per fully diluted share.