Vanguard Bitcoin ETFs Are No Longer Supported On The Platform –

Key Points:

  • Vanguard Group refuses to allow users to purchase spot Bitcoin ETFs on its platform.
  • The debut of spot Bitcoin ETFs exposes a split within Wall Street, with Vanguard taking a skeptical stance.
  • Despite steering clear of Vanguard Bitcoin ETFs, the company maintains a significant stake in MicroStrategy, being the second-largest institutional shareholder with 8.24% ownership.
According to Axios, Vanguard Group, one of the largest asset managers in the United States, has intensified its anti-cryptocurrency stance by announcing its refusal to allow users to purchase spot Bitcoin ETFs on its platform.
Vanguard Bitcoin ETFs Are No Longer Supported On The PlatformVanguard Bitcoin ETFs Are No Longer Supported On The Platform

No Vanguard Bitcoin ETFs Amid Wall Street Divide

Additionally, the company will no longer accept the purchase of cryptocurrency products, including Bitcoin futures ETFs. This move underscores Vanguard‘s commitment to traditional investment offerings like stocks, bonds, and cash, which it views as the foundation of a well-balanced, long-term investment portfolio.

The reluctance of traditional Wall Street towards the introduction of spot Bitcoin ETFs is evident, with some asset managers expressing reservations about these new products. Vanguard, as a standard bearer of the anti-Bitcoin sentiment, explicitly stated that it has no plans to offer the new funds, further emphasizing the divide within the financial industry regarding cryptocurrencies.

Despite its decision to steer clear of offering Vanguard Bitcoin ETFs, the company still maintains exposure to the cryptocurrency market. Vanguard owns and manages a significant stake in MicroStrategy, holding over 1,126 million MSTR shares as of September 2023, making it the second-largest institutional shareholder in the company with 8.24% ownership.

This recent development from Vanguard follows a social media incident where purported customers complained about the unavailability of the newly introduced cryptocurrency offerings on the platform.

As the second-largest asset manager globally, with over $7.2 trillion in assets under management, its position on Vanguard Bitcoin ETFs continues to reflect the ongoing debate within the financial sector regarding the legitimacy and future of digital assets.

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Source: https://coincu.com/242153-vanguard-bitcoin-etfs-are-no-longer-supported/