Vanguard, a global asset management giant, has reinforced its anti-Bitcoin stance by announcing the cessation of Bitcoin futures exchange-traded funds (ETFs) purchases on its platform. The move aligns with Vanguard’s policy to provide investors with a “core set of products and services” that adhere to its objectives.
Despite the recent approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC), Vanguard had already communicated its decision to exclude trading of these ETFs on its platform. Additionally, the company clarified that it has no intentions to introduce similar cryptocurrency products.
“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,” stated a Vanguard spokesperson.
While Vanguard maintains its distance from Bitcoin and the broader crypto market, competitors such as BlackRock and Fidelity embraced the trend by launching the iShares Bitcoin ETF (IBIT) and Wise Origin Bitcoin Trust (FBTC), respectively. These products experienced significant success on their debut trading days.
Despite Vanguard’s current reluctance towards cryptocurrencies, some industry observers anticipate a potential shift in the future. Eric Balchunas, Bloomberg’s senior ETF analyst, suggests that the growing need for wealth diversification might lead the Pennsylvania-based firm to reconsider its stance on cryptocurrency.
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