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To adjust the transparency of an image in Excel using VBA, you can use the following code:

Sub AdjustImageTransparency()

Dim img As Excel.Shape
Set img = ActiveSheet.Shapes("Image1") 'Replace "Image1" with the name of your image

img.Fill.Transparency = 0.5 'Set the transparency value between 0 (fully visible) and 1 (fully transparent)

End Sub

This code selects the image on the active sheet (replace "Image1" with the name of your image) and then sets its transparency to 50% (0.5). You can adjust the transparency value as needed to achieve the desired effect.