VanEck rated Metaplanet “Bad” on executive compensation, making it the only one of the 10 largest digital asset treasuries to receive that grade and saying it failed all four of its tests. The research note landed on September 18, according to BeInCrypto, even after Metaplanet cut its executive option pool twice in the past month. Metaplanet, a Tokyo-listed company holding 43,000 Bitcoin (BTC), has seen its share count rise from 153.9 million to roughly 1.35 billion in two years.