Vanguard, a $10 trillion asset manager known in Crypto Circles to block customers from accessing Bitcoin ETFs, has become the largest strategic institutional shareholder (MSTR)a company’s business model revolves around companies that buy and hold Bitcoin.
According to Bloomberg, Vanguard now owns 20 million shares of MSTR (more than 8% of the company), surpassing the capital group as the top institutional holder. The share is worth approximately $9.26 billion.
“God has a sense of humor,” said Bloomberg analyst Eric Balchunas. “The Pioneer chose this life. When you have an index fund, you have to own all the stocks, for better or worse, including stocks that you may not like or approve individuals.”
“Institutional dementia,” said Matthew Sigel, head of Vaneck’s digital assets research. postal On X.
Vanguard’s exposure comes from passive custody index funds, rather than a strategy that intentionally bets on Bitcoin or strategies. MSTR is included in several Vanguard funds, such as the Total Stock Market Index Fund (vitsx)Vanguard Expand Market Index Fund (Vieix) and Pioneer Growth ETF (vug).
These funds reflect the composition of a wide range of inventory indices and automatically include companies such as strategies when they meet certain criteria.
The strategy led by Executive Chairman Michael Saylor has transformed itself into a vehicle that holds Bitcoin, and has now acquired 600,000 BTC worth approximately $72 billion since 2020. The company’s shares have become a proxy for Bitcoin exposure, especially in the years before the on-site Bitcoin ETF approved by the U.S.
Nevertheless, Vanguard still objected to asset classes. The company refuses to provide customers with access to Bitcoin ETFs (go)This became the fastest ETF to manage assets of over $80 billion.
Even last May, the arrival of Salim Ramji, the alleged crypto-friendly CEO, did not change the company’s position. “I think it’s important to the company’s representation and products and services to be consistent,” Ramji said after his appointment.
