Vanguard Group, a financial powerhouse managing over $10 trillion in assets, has unexpectedly become the largest shareholder in Strategy (formerly MicroStrategy), a company famous for its heavy Bitcoin holdings.
The investment giant now controls approximately 8% of Strategy’s outstanding shares, around 20 million in total, surpassing Capital Group Cos., according to Bloomberg data.
This move raises eyebrows given Vanguard’s earlier public stance, which labelled Bitcoin as an “immature asset class” unsuitable for long-term investors. Despite these reservations, Vanguard’s substantial stake in Strategy highlights a nuanced position, possibly driven by its broad-based investment approach and index fund mandates.
Here’s a good one for you…
*Vanguard*, via its funds, is now the single largest shareholder of Strategy.
Still can’t buy spot bitcoin ETFs on their brokerage platform.
via @VildanaHajric pic.twitter.com/Lqyh49uZHW
— Nate Geraci (@NateGeraci) July 14, 2025
Strategy, led by Michael Saylor, shifted its business model fundamentally by acquiring large amounts of bitcoin. The company now holds an estimated 601,550 bitcoins following a recent purchase of 4,225 bitcoins for approximately $472.5 million at an average price of $111,827 per bitcoin on July 14, 2025. This strategy effectively makes Strategy a proxy for Bitcoin investment, causing its stock price to closely track Bitcoin’s notable price shifts.
Eric Balchunas, a Bloomberg ETF analyst, remarked on the irony of Vanguard’s investment, noting,
“The fact that Vanguard is now the largest shareholder of $MSTR is proof that God has a sense of humor.”
He added that Vanguard’s index fund structure often compels it to hold shares irrespective of its asset preference.
The digital asset market continues to gain institutional momentum, notably buoyed by the approval and launch of spot Bitcoin ETFs and rising demand. Vanguard’s increased exposure to Strategy, despite prior criticism, could signal growing institutional acceptance of bitcoin-related assets or reflect the complexities of managing large diversified portfolios.
Notable shareholders of Strategy include Vanguard Group, BlackRock, and Capital International Investors. Other significant institutional investors include Morgan Stanley and Susquehanna International Group. Additionally, firms like Jane Street Group and Citadel Advisors also hold substantial positions.
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