Although Vanguard is not particularly open to cryptocurrencies, the company actually holds significant positions in the ecosystem. Let’s take a look at the exposure of the world’s second-largest asset manager, which is notably the largest investor in Strategy.
Vanguard is actually heavily invested in the crypto ecosystem
Historically, Vanguard, the world’s second-largest asset manager, has tended to take an anti-crypto stance, or at least a skeptical view of Bitcoin (BTC).
To date, the company does not issue any Bitcoin ETFs, while last year, Tim Buckley, who was still CEO before stepping down to Salim Ramji, believed that BTC was not suitable for a long-term portfolio on the grounds that it was a speculative asset.
However, the company holds a significant amount of BTC through its investments. Although the exact amount is difficult to determine, the asset manager holds at least 47,400 bitcoins indirectly, given that Vanguard is Strategy’s largest shareholder, with a 7.88% stake, according to Yahoo Finance data.
On Monday, Eric Balchunas, senior ETF analyst for Bloomberg, echoed this irony:
The fact that Vanguard is now the largest shareholder in $MSTR is proof that God has a sense of humor.
However, it should be noted that this is far from new. Back on January 12, 2024, just after the first Bitcoin ETFs were approved in the United States, we highlighted the fact that Vanguard held more than 8% of MSTR shares.
In addition, the renowned asset manager is also the largest shareholder in Coinbase with 9.14% of shares, and the second-largest shareholder in MARA with 15.32% of shares.
While these are just a few examples, they highlight the company’s exposure to blockchain stocks.
However, it should be noted that Vanguard does not hold the shares in question exclusively on its own behalf. This is because a significant portion of these figures comes from the presence of the securities mentioned in the asset manager’s ETFs. As a result, the actual ownership is shared among all investors holding shares in these ETFs.
Equity investments nonetheless
However, this reminder does not detract from the fact that Vanguard is indeed exposed to the cryptocurrency ecosystem with its own capital.
Although the company’s parent company has not yet reported its positions for the second quarter to the Securities and Exchange Commission (SEC), the 13F-HR filing on May 9 for the first quarter is revealing.
Out of just over $5,531 billion in investments as of March 31, 2025, Vanguard held the following positions, among others, on its own behalf:
- $16.48 million in Coinbase shares;
- $31.7 million in Strategy shares;
- $13.88 million in Block shares;
- $879,000 in MARA shares;
- $527,000 in Riot Platforms shares.
Admittedly, the amounts involved remain negligible and may have changed since then, but they nevertheless reflect the fact that actions do not always match words, as we pointed out last spring in the case of JPMorgan and its CEO Jamie Dimon.
