Vanguard’s Hilarious Bitcoin Adventure: Who Knew?

In a curious twist of fate, Matt Hougan, the chief investment officer at Bitwise Invest, has observed that the Vanguard Group, that bastion of traditional finance, has become the proud owner of a significant chunk of GameStop. Who would have thought? 🎭

With a commanding 8.76% of the shares, Vanguard stands tall, while BlackRock, that other titan of finance, lags behind at a mere 7.79%. It’s almost like a game of musical chairs, but with more spreadsheets and fewer chairs. 🎶

“Vanguard buying bitcoin via GameStop is simply amazing,” Ryan Rasmussen, the head of research at Bitwise Invest, remarked with a hint of sarcasm that could cut through steel. One can only imagine the boardroom discussions: “Let’s dip our toes into the crypto pool, but only if it’s through a company that sells video games!” 🎮

As reported by U.Today, GameStop has recently decided to spice things up by altering its investment policy to include Bitcoin as a treasury reserve asset. Because why not? If you’re going to gamble, you might as well do it with digital gold! 💰

The Grapevine, Texas-based retailer is now on a quest to raise a staggering $1.3 billion through a convertible note offering, all in the name of funding its Bitcoin purchases. It seems they’ve taken a page from the playbook of Strategy co-founder Michael Saylor, who, let’s be honest, probably has a shrine dedicated to Bitcoin in his office. 🏰

And yet, Vanguard, with its $10.4 trillion in assets, remains the reluctant hero of this tale, steadfast in its anti-crypto stance. Despite BlackRock’s success in the Bitcoin ETF arena, Vanguard has resolutely refused to dip its toes into those murky waters. Perhaps they’re waiting for the tide to turn? 🌊

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2025-03-27 11:28