Global asset management giant Vanguard has recently increased its stake in Bitcoin Treasury. More than a single change in holdings, the market is focused on the fact that this institution, which has long maintained a cautious stance on crypto assets, is gradually expanding its indirect exposure to Bitcoin through equity allocation and business adjustments.

In 2024, it rejected the offer for a spot Bitcoin ETF.

In early 2024, Vanguard, under then-CEO Tim Buckley, refused to allow clients to buy spot Bitcoin ETFs on its brokerage platform. This stance differed significantly from some of its peers at the time.

Subsequently, Vanguard appointed Salim Ramji, who had previously worked on the launch of the spot Bitcoin ETF at BlackRock, as its new CEO. This personnel change is widely seen as a signal of a potential shift in Vanguard's stance on digital assets.

Restrictions on crypto ETFs to be lifted in 2025

By the end of 2025, Vanguard had lifted its previous restrictions on cryptocurrency ETFs, allowing such products to re-enter its platform. However, the company also emphasized that it has no plans to launch its own crypto investment products at this time.

This means that Vanguard's changes are more reflected in channel opening and asset allocation, rather than directly issuing crypto products.

Continue to expand related positions in 2026

Entering 2026, Vanguard continued to increase its holdings in Bitcoin Treasury and also raised its stakes in companies such as Strive Asset Management. According to data disclosed in April, Vanguard's holdings in Strive had increased to 27.63 million shares.

The article also mentions that Vanguard posted its first job opening for a digital asset business head in July, targeting its personal wealth management business. This move is seen by some market observers as a signal that Vanguard is further refining its digital asset business strategy.

Market researcher Joe Burnett said that as a large amount of passive capital allocates assets according to market weight, the indirect holding of Bitcoin in traditional capital markets is increasing, and some funds may gain related exposure without actively allocating Bitcoin.