A growing disconnect between institutional messaging and actual portfolio exposure is drawing scrutiny, as major passive investment managers appear to contradict their stated positions. Vanguard Group, one of the world’s largest asset managers, has emerged as the top shareholder of Strategy Inc. (also known as Microstrategy)—a company widely associated with bitcoin advocacy.

Although the firm has consistently criticized cryptocurrencies as speculative assets lacking fundamental value, Vanguard currently holds more than 20 million shares of Strategy (Nasdaq: MSTR), representing an estimated $9.26 billion in exposure. These shares are distributed across both index-tracking and actively managed funds. While the positions arise primarily from passive index mandates rather than discretionary investment decisions, they underscore a clear divergence from the investment giant’s public stance on digital assets.

Senior leadership at Vanguard, including Chief Investment Officer Duncan Burns, has repeatedly emphasized the firm’s skepticism regarding bitcoin. Executives have described the crypto asset as volatile and unsupported by intrinsic fundamentals, reinforcing Vanguard’s refusal to offer crypto-related investment products. Moreover, CEO Salim Ramji reiterated the firm’s position in August 2024, stating that it would not pursue a crypto ETF and reaffirming its commitment to “client-focused innovation, not mimicking competitors.”

The inconsistency has drawn criticism from market participants. Matthew Sigel, head of digital assets research at Vaneck, commented on social media platform X on July 14:

Vanguard: Bitcoin is immature and has no value. Also Vanguard: Buys 20M shares of MSTR, becomes top backer of bitcoin’s loudest bull. Indexing into $9B of what you openly mock isn’t strategy. It’s institutional dementia.

The contradictions extend beyond Strategy. Vanguard also ranks as the largest institutional investor in Gamestop Corp., with 39.24 million shares, representing approximately 8.77% of the company’s free float. On May 28, 2025, Gamestop disclosed a $513 million allocation to bitcoin as a treasury reserve. Strategy’s executive chairman, Michael Saylor, opined: “It reflects the increasing acceptance of bitcoin as a legitimate reserve asset within the traditional financial community.”

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