Reports indicate Vanguard increased its position in Metaplanet, sparking speculation in Bitcoin (BTC) treasury circles. The increase from 14.12 million to 15.64 million shares by December 31st has prompted questions about whether Vanguard is endorsing the digital asset treasury (DAT) strategy. However, the article suggests the move is likely due to index mechanics, as Metaplanet represents a tiny fraction of Vanguard's total assets. The analysis shifts to the fundamentals driving DAT valuations, examining market-to-net-asset-value ratios and Bitcoin accumulation rates. Strategy (MSTR), a major player, continues accumulating Bitcoin despite trading below net asset value, indicating a belief the discount will close.

Reports indicate Vanguard increased its position in Metaplanet, sparking speculation in Bitcoin (BTC) treasury circles. The increase from 14.12 million to 15.64 million shares by December 31st has prompted questions about whether Vanguard is endorsing the digital asset treasury (DAT) strategy. However, the article suggests the move is likely due to index mechanics, as Metaplanet represents a tiny fraction of Vanguard's total assets. The analysis shifts to the fundamentals driving DAT valuations, examining market-to-net-asset-value ratios and Bitcoin accumulation rates. Strategy (MSTR), a major player, continues accumulating Bitcoin despite trading below net asset value, indicating a belief the discount will close.