What’s worth watching isn’t just how much another company has hoarded in $BTC, but whether the token-buying equity pool is quietly diluting shareholders.

VanEck’s Mid-September 2026 Bitcoin ChainCheck (9/18, Matthew Sigel) screened the top 10 digital-asset treasury (DAT) companies by management equity compensation: Metaplanet (OTC: MTPLF) is the only one that landed in the “Bad” category—its equity plan pool is about 14.7% of fully diluted, with management exposure around 8.2%; the other nine averaged roughly 4.0% / 0.8%, which is about 4× versus 10×.

Comparison: The MSTR pool is about 2.0%, and management is about 0.5%. It was labeled “Good”—a fixed quota, and adding to the pool requires a shareholder vote.

The issue is in the mechanics. Old Metaplanet terms tie the option pool to issued shares: every time new shares are issued to buy $BTC, the pool automatically resets at about 20% on a fully diluted basis; the pool swells from roughly 46 million shares approved by the shareholders’ meeting to about 319.5 million potential shares. On 8/18, the automatic growth was scrapped, and on 9/11 it was cut again by about 41% to around 188.2 million shares. — VanEck still writes that it is “nowhere near enough.” Suggested changes include: removing about 273 million potential shares added due to the amended terms, replacing them with a low-single-digit FD plan approved by the shareholders’ meeting, and tying KPIs to things like “$BTC per share on a fully diluted basis.”

My take: holding \u003cc-23/\u003e is the asset-side narrative; how the equity pool grows is what truly determines what fraction shareholders actually receive. VanEck itself writes underweight on DAT and prefers the ETF route—its stance is transparent and the numbers can be checked.

Source: VanEck website ChainCheck (9/18) + Cointelegraph (9/19). Not investment advice.

#比特币 #Metaplanet #VanEck #DAT #US stocks