U.S. asset management giant Vanguard denies Bitcoin but becomes the largest shareholder in ETF management strategy.

## The coin ETF is not yet offered.

According to a report by Bloomberg, Vanguard Group, a major U.S. asset management firm, criticized Bitcoin as an "immature asset class" while becoming the largest shareholder of Michael Saylor's Strategy company. The company is a financial giant with approximately 1,460 trillion yen in managed assets and holds 20 million shares (about 8% of the outstanding shares) through passive management funds (ETFs).

The value of Vanguard's strategic equity holdings is estimated to have reached approximately $9.3 billion (1.3 trillion yen), surpassing Capital Group to become the largest shareholder in the fourth quarter of last year.

The company has consistently argued that cryptocurrencies are inappropriate for long-term investors, but as a result of the performance of index-linked ETFs (exchange-traded funds linked to market indices), it has led to significant holdings.

The strategy focuses on acquiring Bitcoin as its core business, effectively functioning as a proxy investment in Bitcoin. The company's stock price rises in tandem with Bitcoin prices, serving as a factor that promotes the adoption of cryptocurrency financial strategies by other companies.

Vanguard refused to offer to customers, stating that it was "highly speculative and unregulated" at the time of the approval of the Bitcoin spot ETF in January 2024. In May of the same year, they announced a similar policy of not providing Ethereum spot ETFs for the same reasons, clearly stating that cryptocurrency products do not align with the company's long-term investment philosophy.

Additionally, the company's CEO, Tim Buckley, emphasized that the company's funds only invest in asset classes that have actual cash flow, positioning Bitcoin as a "speculative asset."

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