Vanguard Group’s latest 13F filing, covering holdings as of 9 August 2025, shows the index-fund giant has amassed roughly $7.5 billion of MicroStrategy shares, underscoring its growing exposure to companies whose balance sheets are heavily tied to Bitcoin. The report also indicates Vanguard added about $1.7 billion of Coinbase Global stock during the quarter and has become the second-largest shareholder in Strive, whose treasury strategy now centers on holding Bitcoin. The disclosure contrasts with Vanguard’s long-standing policy that bars its brokerage clients from buying spot-Bitcoin exchange-traded funds, leaving customers without direct ETF access to the cryptocurrency even as the firm’s own portfolios expand indirect crypto exposure through equity stakes.