VanEck pans Metaplanet pay as Bastion lands OCC approval and Coinbase courts CFTC on stock futures
Asset manager VanEck singled out Metaplanet's compensation structure as the worst among the 10 largest digital asset treasury companies, while stablecoin firm Bastion won preliminary OCC approval and Coinbase pushed to list single-stock perpetual futures for US traders.
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VanEck says Metaplanet's executive pay setup dilutes its shareholders more than any of its peers. In a report published Friday on compensation at the 10 largest digital asset treasury companies, the asset manager graded the Tokyo-listed Bitcoin holder "Bad" — the only firm in the bottom tier — and argued its recent fixes still leave management insufficiently aligned with investors.
The firm pointed to an equity plan equal to 14.7% of fully diluted shares and officer exposure of 8.2%. Officer exposure at Metaplanet runs roughly 10 times the 0.8% average of the other nine companies studied, VanEck said, and the overall equity plan is close to four times the peer average.
Strategy, the largest corporate holder of Bitcoin, offered the counterexample: an equity plan equal to 2% of fully diluted shares with officer exposure of 0.5%. VanEck graded that structure "Good," crediting a fixed equity reserve and a requirement that any increase be put to a shareholder vote.
Bastion wins preliminary OCC nod
Bastion, a stablecoin infrastructure company, said the Office of the Comptroller of the Currency has given it preliminary conditional approval for a US trust bank charter. The OCC, which supervises national banks, would add federal oversight on top of the state licenses Bastion already holds, according to a Friday release.
The proposed entity, to be named Bastion Platforms National Trust Company, will not take deposits or make loans, keeping it separate from a conventional commercial bank. From a single federally regulated entity it plans to offer stablecoin custody and wallets, payment infrastructure and white-label issuance — allowing other firms to launch their own branded stablecoins.
"Stablecoins have moved from emerging technology into core financial infrastructure, and that requires a different standard of trust, governance and regulatory rigor," Bastion CEO Nassim Eddequiouaq said.
Coinbase wants stock perps in the US
Coinbase has filed with the Commodity Futures Trading Commission to list single-stock perpetual futures in the United States, according to its filing on Friday through Coinbase Derivatives. Perpetual futures are derivative contracts without an expiry date, a format popular in crypto but not previously available for individual US equities on US-regulated venues.
The contracts would give US traders exposure to individual stocks around the clock across the trading week — 24/5 — without purchasing the underlying shares. Coinbase said the products extend its existing US perpetual futures market to single stocks, and the CFTC classifies them as single-stock futures pending regulatory approval.
The move follows a related step earlier this month: on Sept. 1, Coinbase Derivatives filed a Form 1-N with the Securities and Exchange Commission to register as a national securities exchange, the regulatory path for offering security futures.
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