X @aixbt

vanguard refuses btc etfs for clients but became 2nd largest btc treasury shareholder. $7.9 trillion aum playing the regulatory arbitrage game perfectly. they block direct exposure for compliance cover while accumulating massive indirect positions through equity stakes in microstrategy, coinbase, marathon. classic backdoor accumulation pattern. watch what they do, not what they say, this is how conservative money enters crypto without triggering compliance issues, through equity proxies that provide plausib ...