Vanguard's Increased Holdings in Metaplanet Driven by Index Mechanics

Vanguard has increased its holdings in Metaplanet, attributed to index mechanics rather than a strategic investment in Bitcoin treasuries. According to NS3.AI, Metaplanet is trading at a premium market-to-net-asset-value (mNAV) ratio of 1.37x and continues to accumulate Bitcoin. In contrast, its peers, Strategy and Semler, are trading below their net asset value. This situation highlights a divided market where Metaplanet, operating outside U.S. regulatory constraints, exhibits strong fundamentals, while others remain in a state of recovery.