Vanguard Reportedly Reconsidering Crypto ETF Access After Longstanding Opposition

Vanguard, the second-largest asset manager globally with over $10 trillion in assets under management, is reportedly reevaluating its rigid opposition to cryptocurrency products. According to a report from Crypto in America, the firm is now considering allowing its brokerage clients to access select spot crypto exchange-traded funds (ETFs), a notable pivot from its previously hardline stance.

From opposition to cautious consideration

In early 2024, when the first U.S. spot Bitcoin ETFs launched, Vanguard declined to offer them, citing concerns over volatility and long-term returns. The appointment of Salim Ramji as CEO in mid-2024, who had overseen the launch of BlackRock’s iShares Bitcoin Trust (IBIT), initially sparked optimism among crypto proponents. However, Ramji later reaffirmed Vanguard’s position against launching its own crypto ETFs, dampening expectations.

Now, however, a source familiar with the matter told Crypto in America that Vanguard is weighing how to respond to persistent client interest in digital assets. While the firm still has no plans to launch proprietary crypto products, it is exploring whether to permit trading of third-party crypto ETFs on its brokerage platform. Details such as timing and specific ETF offerings remain undecided. The source noted:

“They’re being very methodical in their approach, understanding the dynamics have been changing since 2024.”

The shift comes as U.S. regulators, under the current administration, have become increasingly supportive of crypto, with the SEC recently streamlining the approval process for crypto ETFs.

A potential turning point for the industry

Commenting on the development, Bloomberg Senior ETF Analyst Eric Balchunas remarked on X: “Vanguard is looking to end bitcoin ETF ban (aka bend the knee lol)… Smart of them imo. Bitcoin and Ethereum ETFs are hugely popular and Salim was one of IBIT’s midwives so he knows.”

Vanguard is looking to end bitcoin ETF ban (aka bend the knee lol). “The dynamics have been changing” Nice scoop by Eleanor. We heard chatter of this too. Smart of them imo. Bitcoin and Eth ETFs hugely popular and Salim (the CEO) was one of IBIT’s midwives so he knows.. https://t.co/JH4Ys771iB

— Eric Balchunas (@EricBalchunas) September 26, 2025

Though Vanguard had previously criticized crypto’s role in long-term portfolios, its financial actions hinted at a more nuanced view. Earlier this year, the firm became the largest shareholder in Strategy, a company known for its Bitcoin holdings, prompting commentary from co-founder and Bitcoin advocate Michael Saylor.

Allowing crypto ETF access would represent a symbolic milestone: a firm that once dismissed digital assets as unsuitable for long-term investing would be acknowledging their growing legitimacy. With over 50 million clients, even a cautious integration by Vanguard could substantially boost liquidity and access across the crypto market.