Matt Hougan, chief investment officer at Bitwise Invest, has noted that Vanguard Group is the top institutional holder of GameStop. 

Vanguard controls 8.76% of the company's shares, with BlackRock coming in second place with 7.79%. 

"Vanguard buying bitcoin via GameStop is amazing," Ryan Rasmussen, head of research at Bitwise Invest, quipped. 

As reported by U.Today, GameStop recently changed its investment policy, adding Bitcoin as a treasury reserve asset. 

The Grapevine, Texas-headquartered retailer, is now raising a whopping $1.3 billion through a convertible note offering to fund its Bitcoin purchases, taking a page out of the playbook of Strategy co-founder Michael Saylor. 

Vanguard is, of course, known for its anti-crypto stance. The financial giant $10.4 trillion has refused to wade into Bitcoin ETFs despite BlackRock's success.