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BTC Bitcoin per share vs. total equity: Metaplanet has twice reduced its option pool attracting attention
VanEck's latest "Bitcoin ChainCheck" report pointed out that Metaplanet's executive options pool accounts for as much as 14.7% of its fully diluted equity. Among them, executive-level risk exposure reached 8.2%, which is close to ten times the average level of other large bitcoin holding companies reviewed by VanEck.
Although Metaplanet cut basic executive pay by about 15%, the stock-based compensation component remains high. The company adjusted its compensation plan twice in August and September 2026, ultimately reducing the size of its options pool by 41%.
The core concern is diluting the structure, not selling Bitcoin.
VanEck released a new "Bitcoin ChainCheck" report in September 2026, which aims to analyze how listed companies manage their Bitcoin treasury assets and how they pay executives responsible for implementing these strategies. Among the many companies reviewed, Metaplanet received additional attention due to its unique compensation structure.
VanEck pointed out that Metaplanet's executive options pool accounted for 14.7% of fully diluted equity, which is much higher than other large bitcoin holding companies covered in the report. Specifically, Metaplanet's Officer exposure is 8.2% of fully diluted equity, nearly ten times the average of the nine other companies on trial. In addition, the single largest executive shareholding identified in the report is 3.8%, which is about six times the average level of this group of companies.
对于许多持有比特币的公司而言，“每股比特币持有量”常被用来衡量公司为股东增长持仓的能力。然而，VanEck 强调，这一指标仅反映了故事的一部分。如果公司发行大量新股或期权，即使总持仓量增加，现有股东所持比特币的实际份额也可能被稀释。
VanEck 明确表示，这并非关于 Metaplanet 抛售其比特币头寸的故事。该公司目前仍持有其全部比特币仓位，报告也未暗示任何减持行为。真正的核心问题在于，与股票期权挂钩的高管薪酬可能会悄无声息地减少股东实际保留的权益。
董事会两次行动以应对稀释担忧
近期，Metaplanet 董事会采取了两项措施以回应上述关切：
- 2026 年 8 月 18 日： 董事会移除了一项条款，该条款原本允许在公司发行新股时自动扩大期权池。
- 2026 年 9 月 11 日： 董事会撤销了用于计算期权池的转换比率。此举使期权池规模缩减了 41%，从之前的规模降至 1.882 亿股。由于部分股份已根据旧条款向内部人士发行，剩余潜在新股份数降至约 1.054 亿股，约占完全稀释后股本的 7%。
与此同时，Metaplanet 还将高管基本薪资削减了约 15%。VanEck 指出，薪资削减的同时，基于股票的薪酬依然庞大。
薪酬测试表现垫底，ETF 仍是更优选择
在 VanEck 审查的十大比特币持仓公司中，Metaplanet 是唯一一家未能通过所有四项薪酬测试的公司。这些测试涵盖了期权池规模、高管风险敞口、自动增长条款以及薪酬是否与绩效挂钩等维度。
相比之下，其他大型持仓公司在更多测试项目中表现良好。VanEck 表示，拥有较小且固定的期权池、并对薪酬变更实行股东投票表决的公司，在其审查中得分更高。
鉴于此，VanEck 维持对比特币持仓公司整体“低配”（underweight）的观点，并建议投资者通过交易所交易基金（ETF）来获取比特币敞口。随着越来越多公司采用比特币国库策略，公司间的比较将不再局限于持有的比特币总量，股东所能接受的稀释程度也将成为评估的重要部分。
