Vanguard Group Inc. has become the largest shareholder in Strategy, the company formerly known as MicroStrategy, according to Bloomberg’s review of recent regulatory filings. Vanguard’s index-tracking mutual funds and ETFs now own more than 20 million Class A shares—almost 8 % of the software maker—valued at roughly $9.3 billion. The position lifts Vanguard past Capital Group Cos. to the No. 1 spot. The development underscores the mechanical reach of passive investing. Strategy, run by Bitcoin advocate Michael Saylor, has transformed itself into a proxy for the cryptocurrency, holding about 601,550 BTC and funding further purchases with debt and equity issuance. Its stock is included in a range of small- and mid-cap, momentum and growth benchmarks that Vanguard tracks. Vanguard’s growing exposure contrasts sharply with its public stance that Bitcoin is speculative, immature and unsuitable for long-term portfolios. The $10 trillion asset manager still bars clients from trading U.S. spot Bitcoin ETFs and says it has no plans to launch its own crypto products. The episode highlights how rules-based index strategies can compel even skeptical institutions to back companies tied closely to digital assets.