Vanguard Group, a major asset management firm known for its cautious stance on cryptocurrencies, has become the largest shareholder of Strategy, formerly known as MicroStrategy. As of July 2025, Vanguard holds over 20 million shares, representing nearly an 8% stake valued at approximately $9.26 billion. This investment is attributed to Vanguard's passive index strategy rather than an endorsement of Bitcoin, which Vanguard has described as an "immature asset" lacking intrinsic value. Strategy is recognized for its business model centered on acquiring Bitcoin. Additionally, Vanguard has increased its holdings in other companies such as aTyr Pharma, Inc. with a 5.23% stake and BioAtla, Inc. with an 8.68% stake as of late July 2025. These moves highlight Vanguard's growing influence in various sectors through passive investment strategies despite its cautious views on specific assets like Bitcoin.