Investment firm Vanguard, despite labeling Bitcoin as an immature speculative asset, has become the largest institutional holder of Strategy shares, acquiring nearly 8% worth over $9 billion. This automatic purchase reflects Vanguard's commitment to index funds, even as the firm maintains a skeptical stance on cryptocurrencies. Analyst Eric Balchunas notes the irony of the situation, while Strategy's founder sees it as a sign of growing institutional support for Bitcoin.