Bitcoin bear Vanguard is now the largest shareholder of Strategy

Key Points

1. Vanguard holds over 20 million shares of MSTR, representing about 8% of MicroStrategy’s outstanding Class A common stock, giving it indirect exposure to over 200,000 Bitcoin.

2. Vanguard’s stake in MSTR increased by 26.3% between January and April 2025, with many of its funds including exposure to MicroStrategy through broad US equity allocations.

3. Vanguard CEO Salim Ramji stated the firm does not invest in speculative assets like Bitcoin, aligning with its long-term investment philosophy, despite its indirect Bitcoin exposure.

4. BlackRock’s iShares Bitcoin Trust ETF (IBIT) has become its most profitable ETF, with analysts predicting it could reach $100 billion in assets under management.

5. Bloomberg ETF analyst Eric Balchunas noted the irony of Vanguard’s large stake in MicroStrategy, a Bitcoin-maximalist company, calling it proof that 'God has a sense of humor.'