VanEck gives Metaplanet the lowest rating for Bitcoin Treasury…

为何范达基金（VanEck）单独点名Metaplanet？

资产管理公司范达基金（VanEck）批评了Metaplanet的高管薪酬结构，认为尽管其近期对管理层股权激励计划进行了缩减，但股东仍面临异常严重的稀释风险。在对10家规模最大的数字资产储备公司的薪酬结构进行审查后，范达基金将Metaplanet的薪酬结构评定为“差”，使其成为唯一一家被归入最低类别的日本比特币储备公司。

范达基金计算显示，Metaplanet的股权补偿计划相当于完全稀释后股份的14.7%，而高管层面的暴露比例高达8.2%。后者约为其他九家公司平均水平的10倍（0.8%），而总股权池规模也接近同行平均水平的四倍。作为鲜明对比，MicroStrategy（策略公司）的情况则大不相同：范达基金计算其股权计划仅占完全稀释后股份的2%，高管暴露比例为0.5%。其储备金固定不变，任何增加均需经过股东批准。目前，Metaplanet持有43,000枚BTC，是第三大公开交易的上市公司比特币持有者。该公司在第二季度增持2,823枚BTC后达到这一总量，继续实施严重依赖股权及其他资本市场融资的积累策略。

比特币购买如何扩大了期权池？

The core issue pointed out by Fanda Fund stems from the compensation plan developed before Metaplanet transformed into a Bitcoin Reserve Company. The plan initially covered 46 million shares, but included an adjustment mechanism that increased the number of potential shares as Metaplanet issued additional shares. Once companies began issuing equity repeatedly to fund Bitcoin purchases, the same mechanism automatically expanded the executive options pool. In the end, the number of potential shares increased to 319.5 million shares, an increase of approximately 273 million shares from the original plan. This arrangement establishes an unusual link between Bitcoin accumulation and executive compensation: issuing more shares to acquire BTC can simultaneously increase the number of shares available to management.

Shareholder criticism ultimately forced Metaplanet to change its structure. The company abolished the automatic adjustment mechanism in August and made a second change in September. Subsequently, Metaplanet reduced its management equity award pool by 41%, from approximately 319.5 million shares to 188.2 million shares. However, the Fanda Fund said these measures were "far from reaching the mark." It pointed out that terminating future automatic growth will not completely solve the dilution problems that have arisen under the old mechanism.

Investor Revelation

This controversy touches directly on the economic logic of Bitcoin Reserve Company. Investors may benefit when equity issues are used to fund Bitcoin purchases, thereby increasing their BTC holdings per share; but this logic weakens when the same issues also expand management compensation and increase the total number of fully diluted shares.

What changes does Fanda Fund want to make?

Fanda Fund called on Metaplanet to withdraw the expansion of approximately 273 million shares created by the previous adjustment terms and replace the remaining rights with a shareholder-approved compensation plan. The asset management company also proposed linking executive rewards to indicators such as "the number of bitcoins held per fully diluted share." This approach would make compensation dependent on whether management increased each shareholder's effective interest in the company's Bitcoin, rather than just increasing the absolute size of reserves. This distinction has become increasingly important as Metaplanet's balance sheet expands. The company said its ultimate goal is to control 1% of the fixed supply of Bitcoin, a goal that requires holding 210,000 BTC. Its strategy relies heavily on new financing, and Metaplanet has outlined plans to acquire an additional 170,000 BTC units in the process of achieving this goal. Fanda Fund also recommends developing a written policy to regulate the timing of equity grants, adding another layer of supervision on how and when management receives new rewards.

Why is dilution critical to Bitcoin Reserve Company?

比特币储备公司通常使用每股指标而非拥有的硬币总数来进行评估。如果股份数量的增长速度超过比特币持仓的增长速度，即使一家公司的比特币持仓大幅增加，现有投资者的处境也可能恶化。这使得高管稀释问题尤为敏感。如果股票发行既用于资助BTC购买，又增加了管理层的潜在股权分配，股东将面临来自融资本身以及附带薪酬结构的双重稀释。Metaplanet已经缩小了该计划的规模并移除了允许其自动增长的机制。范达基金的批评现在将辩论焦点转移到了在这些变化之前创建的奖励应如何处理上。

对于投资者而言，下一个考验是Metaplanet是否会进一步修改未结权利，或引入直接与“每股比特币数量”挂钩的性能条件。由于该公司仍计划大量积累BTC，高管薪酬已成为投资者在每个新一轮融资中都会问到的同一个问题的一部分：购买更多比特币是否实际上改善了每一股现有股份的经济效益。