In a surprising move, Vanguard, a leading investment management firm, has reportedly blocked clients from accessing publicly traded, SEC-approved Bitcoin ETFs. Customers can now only sell, but not buy, Grayscale Bitcoin Trust (GBTC) assets.
Vanguard's decision applies to all spot Bitcoin ETFs that its customers are no longer allowed to purchase. This move left many investors shocked and disappointed.
Sharing his experience, a Vanguard customer said: “The situation is worse than I thought. I called and the answer I got was 'We do not allow purchases of these at this time because they do not fit Vanguard's investment philosophy.'”
Vanguard confirmed this information, stating that it has no plans to offer Bitcoin ETFs or any other cryptocurrency products. The company spokesperson explained that 'the high volatility of cryptocurrencies is contrary to its goals of helping investors achieve positive real returns over the long term.'
On the company's website, clients trying to purchase BlackRock's IBIT stock were told that the transaction could not be completed, stating that “due to a number of variables, including regulatory restrictions, corporate actions, or various trading and/or exchange limitations, securities may not be available for purchase at Vanguard.”
*This is not investment advice.
View Comments (1)
That's ok. More for me.