Vanguard’s international small-cap ETF reportedly acquired 4.5 million shares in Japanese Bitcoin treasury company Metaplanet, valued at approximately $7.5 million. An October 26 update from Bitcoin Treasuries identified the position as the fund’s first reported holding in the Tokyo-listed company.
The investment involves the FTSE All-World ex-US Small-Cap ETF, trading under VSS. Bitcoin Treasuries reported the holding, although the exact position was not independently confirmed through Vanguard’s latest official portfolio disclosures.
The investment is in shares of Metaplanet and does not provide for direct investments in Bitcoin. Metaplanet is listed on the Tokyo Stock Exchange with the stock symbol 3350.
Vanguard is running the VSS as an index fund that tracks smaller firms outside the US market. The fund comprises firms operating in both developed and emerging economies, as per the underlying index.
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According to the reported position, the Metaplanet shares hold just about 0.07% of the $11.34 billion value of the total asset under the ETF’s management.
The reported position does not mean that there has been a deliberate effort to include more exposure to cryptocurrencies. Index funds are typically composed in the form of the index composition and not based on the firms’ Bitcoin strategy.
Other Vanguard funds have previously held positions in Metaplanet shares. Previous reports have mentioned 15.64 million shares valued at about $53.5 million in the Total International Stock Index Fund. The FTSE Japan ETF has reportedly acquired 704,500 Metaplanet shares worth $2.1 million.
Metaplanet announced that it held 44,000 BTC up to September 30. Transactions related to the sale of 10,000 BTC and purchases of 11,000 BTC took place in the third quarter, according to its corporate disclosure in October.
These transactions contributed to an increase in the company’s Bitcoin balance by 1,000 BTC. At the same time, it became clear that Metaplanet can sell and repurchase cryptocurrency to manage liquidity.
Since then, Metaplanet has changed its financing approach. In October, the company announced that it intended to obtain ¥52 billion using zero-interest convertible bonds, which will expire in 2031.
About ¥23.6 billion will be used to repay its borrowings backed by Bitcoin. Moreover, ¥28.3 billion will be spent on share buybacks and not on crypto asset acquisition.
On October 14, Metaplanet repurchased 73,981,400 common shares for ¥261 each at the cost of approximately ¥19.31 billion as part of its capital management.
Metaplanet has been emphasizing such financing sources as permanent equity and preferred stock. Its current financing deals with the management of borrowing expenses and the amount of outstanding shares.
Metaplanet finished the day trading at ¥263 on the Tokyo Stock Exchange on October 26, marking a fall of 0.75%. Its shares were traded at the range of ¥254 to ¥269 during that period. The volume of trade touched about 13 million shares as against a normal level of around 27 million shares.
Its over-the-counter shares in the US, MTPLF, had closed on the previous Friday at $1.66. This was an appreciation of 0.30% for the day.
Metaplanet’s stock prices are determined by its financing activities, business processes, and the impact of Bitcoin on it. Those who own Metaplanet’s stocks do not have any Bitcoin kept in its treasury.
Metaplanet is also venturing into the Bitcoin US treasury via Nasdaq-listed Super League Enterprise. The two companies have reached an agreement that includes 2,100 BTC and $2.5 million in cash.
Metaplanet will be acquiring common stocks, preferred stocks, and warrants. Super League Enterprise will then change its name to Superplanet and operate as a US Bitcoin Treasury platform.
The shareholder meeting for Super League Enterprise voted in favor of these motions on October 16. Nevertheless, there are closing conditions for this deal, which are expected to be met by the end of Q4 2026.
Metaplanet has also diversified its financial services offerings in Japan through Siiibo Securities, rebranded to Metaplanet Securities. Metaplanet Securities has been developing Bitcoin-based investment products through Project Nova.
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