Asset management titan Vanguard is further distancing itself from crypto after the launch of spot Bitcoin (BTC) exchange-traded funds (ETFs) in the US.
The Pennsylvania-based firm now says both spot and futures Bitcoin ETFs will not be available on its platform even though other asset managers are rushing to offer their clients the new products.
Says a Vanguard spokesperson to Axios,
“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.”
On Wednesday, the U.S. Securities and Exchange Commission (SEC) approved the spot market Bitcoin ETF applications BlackRock, Fidelity, Grayscale, VanEck, Bitwise, Franklin, Valkyrie, Hashdex, Ark Invest, WisdomTree and Invesco Galaxy
But Vanguard did not jump on the Bitcoin ETF bandwagon. The Vanguard representative says the decision to stay away from crypto is in alignment with the needs of its customers.
“This change allows us to focus on offering a core set of products and services consistent with our commitment to serve the needs of long-term investors.”Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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