Asset management giant Vanguard has once again reinforced its “no crypto” stance on investing. The firm announced that it will withdraw not only spot Bitcoin ETFs but also existing Bitcoin futures products from its brokerage services.
This decision comes at a time when other Wall Street giants are embracing Bitcoin. Firms such as BlackRock, Invesco and Fidelity have recently launched their own branded BTC ETFs.
“In addition to spot Bitcoin ETFs not being available for purchase on the Vanguard platform, effective now, Vanguard will no longer accept the purchase of cryptocurrency products, including Bitcoin futures ETFs,” a Vanguard spokesperson said.
The firm believes this change will allow it to focus on offering a suite of core products and services that are aligned with its commitment to serving the needs of long-term investors.
Vanguard's skepticism towards crypto is no secret. The firm's long-term investment philosophy is closer to old-school value investors than the nouveau riche investors jumping into digital currencies.
This move is consistent with Vanguard's brand identity, which is deeply rooted in the investment principles of its late founder, Jack Bogle. Bogle was an advocate of simple, low-cost investing rather than speculation, and that philosophy continues to guide Vanguard's decisions.
*This is not investment advice.
