Investment firm Vanguard, known for its cautious approach to cryptocurrencies, has become the largest institutional shareholder of MicroStrategy, increasing its stake to over 20 million shares.
Overview of Vanguard's Stake in MicroStrategy
According to data from Intel, Vanguard has accumulated over 20 million shares of MicroStrategy (MSTR), representing about 8% of the total Class A shares. This has resulted in Vanguard having indirect exposure to over 200,000 Bitcoins on MicroStrategy's balance sheet.
Vanguard's Stance on Cryptocurrencies
Despite its status as the largest shareholder of MicroStrategy, Vanguard traditionally maintains skepticism regarding Bitcoin and cryptocurrencies. Vanguard CEO Salim Ramji emphasized in a recent interview that the firm does not intend to offer cryptocurrency investments to its clients.
Interesting Comments from Analysts
Analysts note that Vanguard's unexpected interest in MicroStrategy highlights the peculiarities of passive investing. According to Bloomberg analyst Eric Balchunas, mandatory ownership of stocks can lead to situations where shareholders hold assets that contradict their views.
Vanguard's stake in MicroStrategy opens new avenues for discussing investment firms' attitudes toward new assets like cryptocurrencies and highlights unique aspects of passive investing.
