Vanguard, a major player in the investment management industry with over $7 trillion in assets, has taken a surprising stance by blocking customer access to Spot Bitcoin Exchange-Traded Funds (ETFs), according to multiple reports. The move comes as a notable deviation from the growing trend of institutional interest and adoption of Bitcoin-related financial products.
Vanguard says it has no plans to offer spot Bitcoin ETFs or crypto related products,& reported& The Block. The firm citied that the high volatility nature of Bitcoin goes against the company's goal of helping investors get 'real returns' over the long term.
Reports from clients are stating that while they can not purchase the newly listed spot ETFs, they can however sell shares of GBTC, Grayscale's spot Bitcoin ETF. One client reportedly spoke with a company representative, who stated,& "Currently we aren't allowing those to be purchased as it doesn't fit with Vanguard's investment philosophy."
Vanguard's decision to restrict customer access comes just a day after the SEC approved& spot Bitcoin ETFs for the first time, which have seen& over& $2.3 billion in trading volume on launch day. It remains to be seen whether the renowned asset manager will backtrack on their stance, and allow customers to participate in the& burgeoning& Bitcoin market.
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