Crypto 656

2024/12/05 17:03

Vanguard Group Won’t Let Its Clients Buy The New B

Vanguard Group Won’t Let Its Clients Buy The New Bitcoin ETFs: Here’s Why

Vanguard Group – the $7.7 trillion asset manager outsized only by BlackRock – has blocked client access to all newly listed Bitcoin spot ETFs. The firm has also ruled out launching a Bitcoin ETF product of its own, claiming the asset doesn’t align with the firm’s investment philosophy. Multiple Twitter and Reddit users confirmed on Thursday that they could not purchase any Bitcoin-backed funds through their Vanguard client accounts. Twitter user @notsleepy said he called the firm about his inability to buy into the Grayscale Bitcoin Trust (GBTC) – a pre-existing Bitcoin grantor trust that began trading as a spot ETF on Thursday. The company told him that Vanguard isn’t “allowing those to be purchased as it doesn’t fit with Vanguard’s investment philosophy.” Though GBTC was previously available for trade, Vanguard now prevents.

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