it’s ironic that one of the biggest beneficiaries of Bitcoin’s recent success is Vanguard.

Vanguard has been publicly critical to those allocating to #Bitcoin and the recently launched ETFs, however they are the second largest shareholder of MicroStrategy #MSTR through their swath of index ETFs.

As Bitcoin’s price has risen, MicroStrategy’s treasury has also risen and the market has begun to speculate what that treasury could look like 5, 10, 15 years into a Michael Saylor financial engineering regime.

As the treasury multiple has risen, Saylor has taken advantage of that premium and bought more Bitcoin and increased MSTR’s BTC per share. This has sizably shrinks the amount of available Bitcoin on the market and raises the price. (MicroStrategy has been able to accelerate BTC purchases, achieving 40%+ BTC yield YTD during a halving year)

As MicroStrategy’s share price continues to rise aggressively, the amount of passive fees Vanguard scrapes off their ETFs rises as well.

It’s incredible that the Bitcoin network is so powerful that even those that try to oppose it are benefitting from it.

we are still very very early in this journey