Vanguard Goes Big on Crypto, Thanks to Index Boom It Unleashed

Vanguard Group Inc. executives have made their opinions on crypto clear, calling it an "immature asset class." Yet thanks to the cold logic of index investing, the $10 trillion money-management giant is now the biggest backer of Strategy, the software firm that famously reinvented itself as a proxy for Bitcoin and became a poster child for the industry's ambitions.

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