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Bitcoin-skeptical Vanguard holds 20m+ shares in Strategy amid index inflows.

The crypto-skeptical Wall Street giant has significant indirect exposure to Bitcoin, thanks to Strategy and other stocks.

Vanguard has long held that crypto assets are too risky and lack inherent value. However, due to the mechanics of its index funds, the investment giant, managing $10.4 trillion in assets, is now the largest institutional backer of Bitcoin (BTC) treasury firm Strategy.

Currently, Vanguard holds more than 20 million shares of Strategy’s outstanding Class A common stock. According to Bloomberg, this likely makes it the firm’s largest shareholder, having surpassed Capital Group Cos. sometime in the fourth quarter of 2024.

This position stems from the structure of Vanguard’s mutual funds and ETFs, which track broad market indexes. These funds automatically allocate to companies that meet specific criteria, including market capitalization, listing venue, geography, and sector classification.$BTC