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June 20, 2024
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Vanguard ceases support for Bitcoin futures ETF purchase

Vanguard, one of the world’s largest asset managers, continues to maintain its anti-Bitcoin sentiment, with the company recently stating that it would stop the purchase of Bitcoin futures exchange-traded funds (ETFs) on its platform.

A Vanguard spokesperson confirmed to Axios that it will stop the purchase of all crypto-related products. The move will allow the asset manager to offer investors a “core set of products and services” in line with its policy and objectives. 

As previously reported by crypto.news, Vanguard announced that the trading of spot Bitcoin ETFs – which were recently approved by the U.S. Securities and Exchange Commission (SEC) – will be unavailable on its platform. In addition, the firm said that it had no plans to launch a similar product. 

“In addition to spot Bitcoin ETFs not being available for purchase on the Vanguard platform, effective immediately, Vanguard will no longer accept the purchase of cryptocurrency products, including Bitcoin futures ETFs.” 

Vanguard spokesperson

While Vanguard seems to be distancing itself from Bitcoin and crypto, rivals such as BlackRock and Fidelity launched the iShares Bitcoin ETF (IBIT) and Wise Origin Bitcoin Trust (FBTC) respectively, with their products being among the top performers on the first day of trading.

Some observers argue that Vanguard will eventually warm up to cryptocurrency.

According to Boomberg’s senior ETF analyst Eric Balchunas, the growing necessity for wealth expansion and diversified investments will inspire the Valley Forge, Pennsylvania-based firm to change its stance.

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