Vanguard’s FTSE All-World ex-US Small-Cap ETF (VSS) has reportedly acquired 4.5 million shares in Japanese Bitcoin treasury company Metaplanet, with the position valued at approximately $7.5 million.
Summary
- Vanguard’s VSS ETF reportedly acquired 4.5 million Metaplanet shares worth approximately $7.5 million in its first disclosed holding of the Japanese company.
- Other Vanguard funds, including VGTSX and VJPN, have previously been reported to hold Metaplanet shares.
- Metaplanet held 44,000 BTC as of September 30 and has continued raising funds to support its Bitcoin treasury strategy.
- Metaplanet shares closed 0.75% lower at ¥263 on Monday despite reports of Vanguard’s investment.
According to an October 26 update from Bitcoin Treasuries, the purchase represents the first reported Metaplanet holding for the Vanguard fund, which invests in small companies outside the United States.
The disclosure has drawn attention from the crypto community because Vanguard, one of the world’s largest asset managers with more than $13 trillion under management, has historically taken a cautious approach toward cryptocurrencies.
The reported investment gives the ETF exposure to Metaplanet through its publicly traded shares, while the Japanese company continues to hold Bitcoin as part of its corporate treasury strategy.
Vanguard’s Metaplanet exposure follows other fund holdings
The latest reported position would add another Vanguard investment product to the list of funds holding shares in Metaplanet, which trades on the Tokyo Stock Exchange under ticker 3350.
Vanguard’s Total International Stock Index Fund (VGTSX) was previously reported to have raised its Metaplanet position to 15.64 million shares, valued at approximately $53.5 million.
Another Vanguard product, the FTSE Japan ETF (VJPN), reportedly acquired 704,500 Metaplanet shares worth around $2.1 million last year.
VSS tracks an international small-cap equity index, with its portfolio comprising companies from developed and emerging markets outside the United States.
The fund’s investments follow the composition of its underlying index, which can bring companies such as Metaplanet into its portfolio as their market value and index eligibility change.
Vanguard’s reported holdings give the fund exposure to Metaplanet’s share price, while Metaplanet itself owns the Bitcoin held on its corporate balance sheet.
The reported $7.5 million position is relatively small compared with the ETF’s multibillion-dollar portfolio. Available fund data placed VSS assets at approximately $11.34 billion, making the reported Metaplanet stake worth roughly 0.07% of that amount.
Metaplanet has built a Bitcoin treasury of 44,000 BTC
Metaplanet has spent much of 2026 expanding its Bitcoin holdings while making changes to how it finances additional purchases.
As crypto.news previously reported, the company revised its capital allocation policy in October, setting a target of keeping approximately 85% to 90% of its assets in Bitcoin.
The remaining 10% to 15% was designated for acquisitions and investments capable of generating recurring income.
Metaplanet held 44,000 BTC as of September 30, following transactions during the third quarter that involved selling 10,000 BTC and purchasing 11,000 BTC.
Company chief executive Simon Gerovich described the September balance as making Metaplanet the second-largest listed corporate Bitcoin holder.
Its treasury strategy has been accompanied by efforts to reduce borrowing costs and manage the potential dilution of existing shareholders.
In October, Metaplanet announced plans to raise ¥52 billion, approximately $340 million, through zero-interest convertible bonds maturing in 2031.
The company designated roughly ¥23.6 billion for repaying existing borrowing and up to ¥28.3 billion for share repurchases.
Metaplanet subsequently repurchased nearly 74 million common shares on October 14 at ¥261 each, spending approximately ¥19.31 billion.
The company has said permanent equity, including preferred shares, will remain a major source of financing for its future Bitcoin purchases.
Metaplanet stock closes lower despite Vanguard report
Metaplanet shares ended Monday’s trading session on the Tokyo Stock Exchange at ¥263, down 0.75%, according to the market figures cited in the initial report.
The stock traded between ¥254 and ¥269 during the session, with volume approaching 13 million shares against an average of approximately 27 million.
Its U.S. over-the-counter shares, trading under MTPLF, had closed Friday at $1.66, up 0.30% for the session.
Metaplanet has meanwhile continued working on plans to establish a Bitcoin treasury business in the United States.
In August, the company announced an agreement with Nasdaq-listed Super League Enterprise involving 2,100 BTC and $2.5 million in cash.
The proposed transaction would give Metaplanet approximately 95.7% ownership of the business, which is expected to adopt the Superplanet name and operate as its U.S. Bitcoin treasury subsidiary.
Super League shareholders have since reportedly approved the proposal, although completion remains subject to applicable closing requirements.
Metaplanet’s October financing disclosures had identified the fourth quarter of 2026 as the expected period for completing the transaction.
The company has separately pursued Bitcoin-related financial services in Japan through its acquisition of Siiibo Securities, which was subsequently renamed Metaplanet Securities.
The subsidiary has been developing Bitcoin-linked investment products through Project Nova, including bond products and proposed services involving Bitcoin-backed credit, stablecoins and tokenized securities.
