I think it's because vanguard offer the Russel 2000 and that index now contains Strategy. So they hold it obo.

It gives them voting rights anyways which is what makes Blackrock, Vanguard, Fidelity, etc powerful institutions.

Vanguard is an index company.

They’re not bullish or bearish, they just buy the stocks in the index at the % the stock is in the index.

To another posters point, this does give them voting rights, so there is a control mechanism there.

But vanguard ownership isn’t a signal in itself.