Vanguard, one of the world's largest asset managers, continues to maintain its anti-bitcoin sentiment, with the company recently stating that it will stop buying bitcoin futures exchange-traded funds (ETFs) on its platform.
A Vanguard spokesperson confirmed to Axios that it will stop purchasing all cryptocurrency-related products. The move will allow the asset manager to offer a “core range of products and services” to investors in line with its policy and objectives.
As previously reported by crypto.news, Vanguard announced that spot Bitcoin ETF trading — which was recently approved by the U.S. Securities and Exchange Commission (SEC) — will no longer be available on its platform. In addition, the company said it has no plans to launch a similar product.
“In addition to spot Bitcoin ETFs not being available for purchase on the Vanguard platform, as of now, Vanguard will not accept the purchase of cryptocurrency products, including Bitcoin Futures ETFs.”
Vanguard spokesman
While Vanguard appears to be distancing itself from Bitcoin and cryptocurrencies, competitors like BlackRock and Fidelity launched the iShares Bitcoin ETF (IBIT) and Wise Origin Bitcoin Trust (FBTC) respectively, with their products being among the best performers on the first day of trading. .
Some observers argue that Vanguard will eventually warm up to cryptocurrencies.
According to Eric Balchunas, senior ETF analyst at Boomberg, the growing necessity of wealth expansion and diversified investments will inspire the Valley Forge, Pennsylvania-based firm to change its stance.
