Vanguard, a major player in the investment management industry with over $7 trillion in assets, has taken a surprising stance by blocking customer access to Spot Bitcoin Exchange-Traded Funds (ETFs), according to multiple reports. The move comes as a notable deviation from the growing trend of institutional interest and adoption of Bitcoin-related financial products.<\/p>\n
Vanguard says it has no plans to offer spot Bitcoin ETFs or crypto related products,\u00a0reported<\/a>\u00a0The Block. The firm citied that the high volatility nature of Bitcoin goes against the company’s goal of helping investors get ‘real returns’ over the long term.<\/p>\n Reports<\/a> from clients are stating that while they can not purchase the newly listed spot ETFs, they can however sell shares of GBTC, Grayscale’s spot Bitcoin ETF. One client reportedly<\/a> spoke with a company representative, who stated,\u00a0“Currently we aren’t allowing those to be purchased as it doesn’t fit with Vanguard’s investment philosophy.”<\/p>\n Vanguard’s decision to restrict customer access comes just a day after the SEC approved<\/a>\u00a0spot Bitcoin ETFs for the first time, which have seen<\/a>\u00a0over\u00a0$2.3 billion in trading volume on launch day. It remains to be seen whether the renowned asset manager will backtrack on their stance, and allow customers to participate in the\u00a0burgeoning\u00a0Bitcoin market.<\/p>","protected":false},"excerpt":{"rendered":" Vanguard, a major player in the investment management industry with over $7 trillion in assets, has taken a surprising stance by blocking customer access to Spot Bitcoin Exchange-Traded Funds (ETFs), according to multiple reports. The move comes as a notable deviation from the growing trend of institutional interest and adoption of Bitcoin-related financial products. Vanguard […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-19623","post","type-post","status-publish","format-standard","hentry","category-crypto-news"],"_links":{"self":[{"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/posts\/19623"}],"collection":[{"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/comments?post=19623"}],"version-history":[{"count":0,"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/posts\/19623\/revisions"}],"wp:attachment":[{"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/media?parent=19623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/categories?post=19623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/tags?post=19623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}