[Digital Today reporter Yoonseo Lee] Asset manager Vanguard has increased its stake in Strive Asset Management, a company pursuing a bitcoin treasury strategy.

U.Today, a blockchain outlet, reported on Tuesday that Vanguard’s flagship index fund, the Vanguard Total Stock Market Index Fund (VTSAX), increased its Strive Asset Management holding by 269,200 shares to about $3.2 million.

The purchase lifted the fund’s Strive holding to a total of 1.98 million shares. The stake is valued at about $23.7 million. It again confirms that a major asset manager is expanding holdings as institutional money spreads into bitcoin-linked listed companies, not only spot bitcoin itself.

The market sees the move as a sign that bitcoin exposure is widening in traditional capital markets. Joe Burnett (조 번넷), head of market research at The Bitcoin Way, said, "A massive portion of global capital is passive." He added, "It simply chases returns and copies how the market allocates capital." He also said, "The world is beginning to own Bitcoin and not even know it."

Vanguard’s purchase represents a bigger shift compared with its earlier stance. In early 2024, during the tenure of Chief Executive Tim Buckley (팀 버클리), Vanguard did not allow clients on its brokerage platform to buy spot bitcoin exchange-traded funds (ETFs). It later appointed Salim Ramji (살림 람지) as its new CEO, who oversaw the launch of BlackRock’s spot bitcoin ETF, IBIT, and the market took it as a signal of openness to digital assets.

An actual policy change followed. Vanguard lifted its ban on cryptocurrency ETFs in late 2025, marking its first major shift in stance. It drew a line, however, saying it has no plans to launch its own cryptocurrency investment products. It means it will accept digital asset investment vehicles but will not act as a direct product provider.

Against this backdrop, Vanguard has continued to raise its holdings of bitcoin treasury strategy companies in 2026. The increase in its stake in Strive is part of that trend. Vanguard also disclosed its Strive holding in April, and the filing showed the holding increased to 27.63 million shares at the time.

Vanguard also drew attention in the industry in July by posting its first job opening for a head of digital assets in its private wealth management unit. The company, which once blocked access to spot bitcoin ETFs, has now lifted restrictions on cryptocurrency ETFs, increased stakes in bitcoin treasury strategy companies and moved to hire a dedicated digital assets executive.

The key point to watch is how far Vanguard will broaden its bitcoin-related portfolio. The company denies plans to launch its own cryptocurrency products, but it appears to be expanding indirect exposure through index funds and holdings in listed companies. That has sharpened attention on whether bitcoin-linked stocks will become an indirect channel for institutional funds in traditional capital markets.

A massive portion of global capital is passive, simply chasing returns and copying how the market allocates capital. The world is beginning to own Bitcoin and not even know it. https://t.co/rICTglm452