Vanguard Group, known for its cautious stance on cryptocurrencies, has become the largest institutional holder of GameStop stock.
Vanguard Group's Position in GameStop
Vanguard Group holds 8.76% of GameStop's shares, with BlackRock in the second position holding 7.79%. These companies are among the top institutional investors influencing GameStop's future.
Changes in GameStop's Investment Policy
GameStop recently adjusted its investment policy by adding Bitcoin as a treasury reserve asset. The company is set to raise $1.3 billion through a convertible note offering to fund its Bitcoin purchases, following the strategy of Michael Saylor.
Market and Expert Reactions
Despite BlackRock's success with Bitcoin ETFs, Vanguard is noted for its anti-crypto stance, making their involvement with GameStop quite unexpected. Experts highlight that GameStop's decision could significantly impact the cryptocurrency market.
The developments surrounding GameStop and its institutional investors are attracting substantial market interest. Vanguard remains the top holder of GameStop shares, raising questions about their future actions regarding cryptocurrencies.
