Vanguard reveals $21 million investment in Bitcoin through Metaplanet in Q3

With a $21 million injection into Metaplanet, Vanguard expands its indirect exposure to Bitcoin, reaching a cumulative total of more than $70 million in the cryptocurrency in the third quarter. 

Bitcoin treasury tracking platform Bitcoin Treasuries released an update that shook up the institutional narrative around cryptocurrencies: Vanguard Group, the world's second-largest asset manager, revealed a new investment of $1.5 billion in 2020. $21,5 million in Bitcoin through his stake in Metaplanet Inc. during the third trimester. 

This news follows a previous revelation made in mid-September, when it was reported that Vanguard had already owned 12,44 million shares in the Japanese firm, equivalent to an exposure of more than $50 million in BTC.

Both figures reinforce a reality that seemed unlikely a few months ago: Vanguard, historically reluctant to offer cryptocurrency-linked products, maintains an indirect exposure of more than $70 million in Bitcoin, the market-leading cryptocurrency, and has done so without changing its official policy, which continues to exclude the direct offering of digital assets to its clients.

The passive logic that drives financial giants towards Bitcoin

Vanguard's exposure to Bitcoin was not the result of a deliberate strategic decision, but rather a structural consequence. Its fund Total International Stock Index (VTIAX) replicates the FTSE Global All Cap ex US index, which means any company that meets the capitalization and liquidity criteria should be automatically included. When Metaplanet exceeded these thresholds, the fund's algorithm executed the purchase without any specific assessment of its business model or exposure to Bitcoin.

In other words, the key to this exhibition lies in Metaplanet, the Japanese company that has transformed its business model to become a corporate Bitcoin accumulation vehicle. Since April 2024, the firm has acquired more than 30.820 BTC through debt issuances, preferred shares, and capital increases. Its strategy, led by CEO Simon Gerovich, is presented as a structural response to Japanese monetary policy, marked by negative rates and a sustained depreciation of the yen.

The Vanguard Paradox and Its Indirect Exposure to Bitcoin

Regarding Vanguard's exposure to Bitcoin through Metaplanet, experts have commented that this type of inclusion reflects a growing trend in financial markets: BTC adoption doesn't necessarily occur out of conviction, but by design. As more listed companies incorporate the leading cryptocurrency into their balance sheets as a strategic treasury asset, passive funds that track global indices are forced to include them. Thus, Bitcoin infiltrates institutional portfolios, pension funds, and retirement accounts without managers or investors having explicitly requested it.

The paradox is evident. Vanguard, whose CEO Tim Buckley reaffirmed in October that "volatility precludes the viability" of offering cryptocurrencies directly, now maintains significant exposure through a company that has made Bitcoin its primary asset. This contradiction has been pointed out by analysts as an example of how traditional financial structures are being transformed by the logic of passive flows, since in addition to Metaplanet, Vanguard has also become one of Strategy's largest investors. In other words, although he remains publicly distant, in practice he is actively participating in the Bitcoin boom.

To the date, Metaplanet positions itself as the Japanese equivalent of Strategy, the American firm that has led the corporate accumulation of BTC in the West. With an aggressive strategy and a narrative focused on preserving value in the face of monetary erosion, Metaplanet has captured the attention of large institutional investors.

Bitcoin seeps into mainstream finance without permission

Vanguard's investment in Metaplanet marks a turning point in the relationship between cryptocurrencies and traditional finance. Although the exposure represents a tiny fraction of the fund's total assets under management—less than 0,002%—its symbolism is powerful. It indicates that Bitcoin no longer depends exclusively on voluntary adoption by financial institutions. Its integration occurs through indexes, automatic rebalancing, and the inclusion rules that govern passive funds. Overall, this process has been dubbed "passive contagion" by some experts.

As companies with BTC on their balance sheets become eligible for global indices, the funds that replicate them end up accumulating exposure without changing their internal policies. In other words, Bitcoin becomes part of the financial system not by choice, but by structure.

Finally, the firm's investment in Metaplanet has also generated a legitimizing effect. A company that was previously viewed as marginal or speculative is now part of the portfolios of the world's largest asset managers. Its liquidity is strengthened by global flows, and its narrative is no longer controversial but has become part of the financial mainstream.

For investors, this means that the lines between traditional finance and the crypto ecosystem are becoming increasingly blurred, and that exposure to Bitcoin can come indirectly.