Bitcoin Bear Vanguard Is Now the Largest Shareholder of Strategy
Despite its anti-crypto stance, Vanguard is now the biggest institutional backer of the world’s most aggressive Bitcoin holder
Investment management giant Vanguard has emerged as the largest institutional shareholder of Strategy (MSTR), the company led by Michael Saylor and renowned for its aggressive Bitcoin accumulation strategy.
According to data from investment research platform Intel, Vanguard now owns over 20 million shares of MicroStrategy’s Class A common stock – roughly 8% of the total outstanding. This gives the traditionally Bitcoin-skeptic firm indirect exposure to more than 200,000 BTC held on Strategy’s balance sheet, marking a 26.3% rise in holdings between January and April 2025.
Vanguard’s exposure primarily comes via its Total Stock Market Index Fund, which includes MSTR as part of a broad U.S. equity allocation. MicroStrategy also appears in dozens of other Vanguard mutual funds and ETFs that track mid-cap indices.
The development is surprising, given Vanguard’s long-held critical stance on Bitcoin and its continued refusal to offer direct access to spot Bitcoin ETFs.
Vanguard Still Bearish Despite IBIT’s Success
Even as it becomes the top shareholder of a Bitcoin-heavy firm, Vanguard remains staunchly anti-crypto.
Speaking to Bloomberg TV in May, Vanguard CEO Salim Ramji reaffirmed the company’s cautious approach. When asked whether the firm would support clients seeking direct Bitcoin exposure, Ramji replied, “We don’t get caught up in the latest fad, but we’re dependable for the long term.”
In a separate interview with ETF.com, Ramji added that speculative assets like Bitcoin were not aligned with Vanguard’s 50-year investment philosophy. “We’re not in the business of making bets,” he said.
This is in stark contrast to rival BlackRock, whose iShares Bitcoin Trust ETF (IBIT) has become its fastest-growing and most profitable ETF. Bloomberg ETF analyst Eric Balchunas has projected that IBIT may soon reach $100 billion in assets under management.
“God Has a Sense of Humor”
Vanguard’s unintentional deep exposure to Bitcoin has reignited discussions about the quirks of passive investing.
Bloomberg’s Eric Balchunas captured the irony best: “When you have an index fund, you have to own all the stocks – for better or worse. That includes stocks you may not like or approve of personally.”
With MicroStrategy widely viewed as the poster child for Bitcoin maximalism, Balchunas remarked that Vanguard’s unexpected position is yet another reminder that “God has a sense of humor.”
