Vanguard quietly became the top shareholder of the strategy with a twist that was barely seen (MSTR). The $10 trillion asset manager owns over 20 million MSTR shares. This results in nearly 8% of the Class A stocks of the strategy. Vanguard once warned that Bitcoin is “immature” and said it “has no inherent economic value.” Now it’s deeply tied to Michael Saylor’s Bitcoin play.
Indexing strategies at work
According to a Bloomberg report, Vanguard did not retreat Saylor’s move. Simply follow the index fund rules. As the stocks of the strategy rose, they grew with the indexes that the company tracks. Results: Vanguard had to buy more shares.
Asset managers have become hundreds of millions of dollars worth of stock through their extensive funds. It shows how passive strategies lead to active positions in unexpected places.
Vanguard CEO Tim Buckley once said that Bitcoin could “bring havoc in our portfolio.” He argued that the flagship code lacked the history and solid foundations that long-term investors need.
However, Vanguard’s next track record of index weights means that growing stocks are inevitable. Regardless of the fund’s view on Bitcoin, the rules forced their hands.
Indirect Bitcoin exposure increases
The strategy currently holds 601,550 BTC. Each share of MSTR represents that huge mountain slice of Bitcoin. For those who hold Vanguard’s index, this means an indirect exposure to over 500,000 coins.
Since 2020, MSTR stocks have risen by around 3,400%. That surge helped boost the company’s market value quickly enough to land at Vanguard’s Top Holdings.
Large investors often use ETFs or intended manufacturing products to gain Bitcoin exposure. Vanguard may have joined something like BlackRock when it launched the Spot Bitcoin ETF. But it declined.
Instead, you realize that it has a big strategy in itself. It becomes an unconscious part of the Bitcoin story, even if it wasn’t the path the company manager originally chose.
The fact that Vanguard is the largest shareholder today $MSTRER It’s proof that God has a sense of humor, or at least that was my reaction. @vildanahjric Who wrote a story about it today pic.twitter.com/tlg4iqt3kq
– Eric Balchunas (@ericbalchunas) July 14, 2025
Institutional backing signals shift
Michael Saylor considers this a sign that the institution is coming to Bitcoin. He told Bloomberg that Vanguard’s shares are a “strong signal” of acceptance.
For years, many large companies treated Bitcoin as a niche asset. Now they are tied to their fortune through public shares of strategy. That shift may encourage others to see better.
Bloomberg analyst Eric Barkunas summed up X’s irony by saying, “God has a sense of humor.” He pointed out that Vanguard’s index approach means that you have to own every stock in the benchmark.
Pexels featured images, TradingView charts
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