Asset management titan Vanguard is further distancing itself from crypto after launching spot Bitcoin (BTC) exchange-traded funds (ETFs) in the US.
The Pennsylvania-based company now says that both spot and futures Bitcoin ETFs will not be available on its platform, even as other asset managers rush to offer their clients the new products.
Say a Vanguard spokesperson for Axios,
“In addition to 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 US 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 didn’t jump on the Bitcoin ETF bandwagon. Vanguard’s representative says the decision to stay away from crypto is in line with the needs of its customers.
“This change allows us to focus on offering a core suite of products and services that are consistent with our commitment to meeting the needs of long-term investors.”
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