Vanguard has ascended to the position of MicroStrategy’s largest institutional shareholder, providing indirect Bitcoin exposure through its substantial stake in the software company. This development occurs despite Vanguard’s historically cautious approach toward direct cryptocurrency investments.
Holdings in excess of 20 million shares represent approximately 8% of MicroStrategy’s Class A common stock. This stake reflects a significant 26.3% increase in Vanguard’s exposure between January and April, signaling strengthening institutional confidence in the company.
The investment arises primarily through Vanguard’s broad-based index funds, notably the Vanguard Total Stock Market Index Fund, which incorporates MicroStrategy as a standard portfolio component. This passive strategy stands in contrast to asset managers like BlackRock, which actively pursues crypto products including its iShares Bitcoin Trust ETF (IBIT).
CEO Salim Ramji maintains Vanguard’s adherence to a long-term, risk-averse investment philosophy, characterizing the MicroStrategy position as an outcome of market indexing rather than a targeted cryptocurrency allocation. MicroStrategy, led by Executive Chairman Michael Saylor, remains distinguished for its aggressive Bitcoin accumulation strategy and holds the largest corporate BTC treasury globally.