Vanguard Escalates Fight Against Bitcoin ETFs, Here’s What Happening
As the Bitcoin price comes under strong selling pressure after the ETF approval earlier this week, Vanguard is doubling down on its fight against the investment product. Earlier this week, Vanguard said that it won’t join other big players like BlackRock in offering Bitcoin ETFs.
Vanguard Doubles Down on No Crypto Stand
Vanguard is reinforcing its commitment to avoid cryptocurrency investments by not only abstaining from spot bitcoin exchange-traded funds (ETFs) but also removing existing bitcoin futures products from its brokerage offerings.
This move diverges from the trend observed among other financial giants like BlackRock, Invesco, and Fidelity, who recently introduced their own branded Bitcoin ETFs.
Effectively immediately, Vanguard has ceased accepting purchases of cryptocurrency products, including Bitcoin futures ETFs, underscoring its clear stance against delving into the crypto market.
Speaking to Axios, a spokesperson for Vanguard explained that this decision aligns with the company’s strategic focus on providing a core set of products and services, maintaining consistency with its dedication to serving the long-term investment needs of clients.
While some financial institutions embrace the growing interest in cryptocurrency, Vanguard’s decision reinforces its commitment to a more traditional investment approach, steering clear of the evolving landscape of digital assets.
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