Vanguard’s $7.5M Metaplanet Stake Faces a Bitcoin Dilution Test

Vanguard’s VSS ETF reportedly holds 4.5 million Metaplanet shares worth $7.5 million, its first disclosed position in the Japanese Bitcoin treasury company. Metaplanet’s September figures imply approximately 132 BTC of proportional treasury exposure through those shares, based on its effective diluted share count. A 10% increase in diluted shares without additional Bitcoin would reduce that exposure to approximately 120 BTC. Vanguard’s FTSE All-World ex-US Small-Cap ETF (VSS) reportedly acquired 4.5 million shares in Japanese Bitcoin treasury company Metaplanet, establishing a position valued at approximately $7.5 million.