Vanguard Small-Cap ETF Adds $7.5 Million Stake in Metaplanet

The investment by the VSS fund arrives as Metaplanet continues to pivot its corporate balance sheet toward Bitcoin, now holding 44,000 BTC as of late September. While the $7.5 million allocation represents a minor 0.07% slice of the $11.34 billion ETF, it highlights a shifting landscape for traditional institutional products that track international small-cap indexes. Vanguard already maintains positions in the company through other vehicles, including the Total International Stock Index Fund and the FTSE Japan ETF.

Metaplanet, which recently set a target to hold up to 90% of its assets in Bitcoin, is simultaneously navigating a complex financial restructuring. The company is currently deploying proceeds from ¥52 billion in zero-interest convertible bonds to manage debt and conduct share repurchases. Despite the institutional interest, Metaplanet shares dipped 0.75% to ¥263 on the Tokyo Stock Exchange following the disclosure. The firm remains focused on its international expansion, including the pending acquisition of Super League Enterprise to establish a U.S.-based Bitcoin treasury subsidiary.