‘Regrets over delay’ – Vanguard to offer crypto ETFs to 50M investors

ambcryptoPubblicato 2025-09-27Pubblicato ultima volta 2025-09-28

Key Takeaways

Why has Vanguard changed its stance on crypto?

Client demand for crypto ETF access reportedly drove the shift, forcing Vanguard to adapt and open its brokerage platform to third-party products.

How will it impact crypto markets?

According to Bloomberg ETF analyst Balchunas, it will be positive for the sector.

Vanguard, a $10 trillion asset manager, is reportedly planning to offer access to crypto ETFs after distancing itself from the industry since 2024.

According to a former Fox Business reporter, Eleanor Terret, the firm is planning to allow clients access to third-party crypto ETFs.

The world’s largest mutual fund and second-biggest asset manager will enable access through its brokerage platform.

Reactions as Vanguard plays crypto catch-up

Gerald Gallagher, General Counsel at Sei Labs, confirmed the Vanguard plans, citing a senior insider familiar with the issue. He added that the asset manager had “regrets” and wished they had done it “sooner.”

Gallagher noted that the firm will not do original crypto ETF issuance but will offer access to third-party providers due to client demand.

By contrast, Bloomberg ETF analyst Eric Balchunas said the pivot was expected. He previously predicted that the new Vanguard CEO, Salim Ramji, who spearheaded BlackRock’s Bitcoin [BTC] ETF, would accept crypto.

He added that it was “smart of them” to end the Bitcoin ETF ban.

“Smart of them imo. Bitcoin and Ethereum [ETH] ETFs hugely popular, and Salim (the CEO) was one of IBIT’s midwives, so he knows.”

Source: X

Market backdrop

As of September, BlackRock crypto holdings were worth about $100 billion. Its Bitcoin ETF, iShares Bitcoin ETF (IBIT), had over $85B worth of assets at current market prices.

Overall, the world’s largest asset manager was earning about $250 million in revenue from its crypto section, surpassing its equity business line.

Source: X

Fidelity was the second-largest crypto ETF player, with about $25 billion in net crypto assets under management.

That being said, the details on Vanguard crypto ETF plans will be known in the near future. But the impact will be positive for the market, added Balchunas.

“Vanguard has 50 million investors. Obviously, many are not the bitcoin type, but that’s massive; they are the biggest fund company in the US by two times over.”

Letture associate

Second Half of U.S. Crypto Policy: The Clarity Act Aims for 60 Votes, CFTC's "One-Person Commission" Becomes Biggest Variable

In a pivotal year for US crypto policy, the "CLARITY Act" is advancing in the Senate but faces a high hurdle, needing 60 votes to pass. Key challenges include bridging partisan divides on ethics and swaying undecided Republican senators within a tight legislative calendar of only about 40 working days. The policy "second half" involves intense negotiations on a broader framework for Web3 and DeFi, including crypto tax reforms and the Blockchain Regulatory Certainty Act. A significant uncertainty is the understaffed CFTC, operating with four commissioner vacancies, which complicates regulatory clarity. Meanwhile, the departure of key "crypto champions"—SEC Commissioner Hester Peirce and Senator Cynthia Lummis—will impact ongoing policy efforts. Industry experts are cautiously optimistic but realistic. Sara K. Weed notes that while progress is being made, CLARITY is unlikely to pass this Congress, pushing agencies like the SEC and CFTC to provide more guidance. Sulolit Mukherjee suggests meaningful crypto tax legislation is more likely to be attached to larger must-pass bills. Rashan Colbert discusses the jurisdictional debate over prediction markets, emphasizing the need for a regulatory framework that fosters their development as financial tools rather than treating them broadly as gambling. The clock is ticking, but opportunities remain for substantive progress through continued bipartisan dialogue and pragmatic efforts.

marsbit32 min fa

Second Half of U.S. Crypto Policy: The Clarity Act Aims for 60 Votes, CFTC's "One-Person Commission" Becomes Biggest Variable

marsbit32 min fa

Dan Koe's New Essay: Escaping the Fate of the Wage Slave, How to Survive the AI Replacement Wave?

Dan Koe argues that the true threat in the AI era isn't technology itself, but a reliance on others for one's livelihood and happiness. The core problem is "wage slavery"—spending life on unfulfilling work. To survive and thrive, one must escape this by building their own enterprise. The key is developing five elements: Agency (initiative), Taste (discernment), Persuasion, Persistence, and Iteration. These boil down to problem-solving skills and experiential knowledge, which cannot be learned passively but only through doing your own projects. The solution is to become "unemployable" by shifting your identity. This requires: 1) Radically changing your environment to force growth, 2) Choosing a medium (like content creation) that provides real feedback through trial and error, and 3) Mastering either code or, preferably, media (content). Content creation is more valuable because its subjective nature and need for human perspective create a durable advantage over generic AI output. To start, define your life's work by answering foundational questions about your innate knowledge, unique abilities, and contrarian beliefs. Then, immediately act by publishing your first piece of content. The cycle of creating, receiving feedback, and iterating is the essential path to developing the skills needed for an independent, meaningful career and financial resilience.

marsbit1 h fa

Dan Koe's New Essay: Escaping the Fate of the Wage Slave, How to Survive the AI Replacement Wave?

marsbit1 h fa

Research Report Analysis: Morgan Stanley Details SanDisk SNDK, The Truth About Cloud Data Center Pricing Power and AI Inference Benefits

Morgan Stanley raised its price target for SanDisk (SNDK) from $1100 to $1750 on June 22, maintaining an Overweight rating. The upgrade is driven by AI inference demand reshaping the NAND market, particularly for KV Cache and context window storage in cloud data centers. These cloud clients exhibit price inelasticity and sign long-term contracts, granting SanDisk significant pricing power. SanDisk's New Business Model (NBM) agreements, covering over one-third of FY27 bit shipments with 3-5 year terms and fixed price/price collar structures, are crucial. They are projected to sustain gross margins around 80% even at floor prices, providing a buffer against cyclical downturns. Morgan Stanley forecasts gross margins to surge from 30.3% in FY25 to 86.7% in FY27e. With NAND supply expected to remain tight into 2026/2027 and cloud/data centers becoming the largest end-market, SanDisk holds supply-side pricing power. The company targets 15-19% bit growth via technology transitions, not capacity expansion. Revenue is projected to grow ~6.6x from FY25 to FY27, with EPS rising from $2.74 to $14.73, driven by high-margin cloud business. Key upside catalysts include faster enterprise SSD adoption and edge AI growth. Downside risks involve slower industry growth, competitor capex increases, market share loss, and competition from Chinese players like YMTC. The investment thesis rests on AI-driven structural demand, NBM's margin protection, and sustained supply tightness. The $1750 target implies ~28x FY27e P/E.

marsbit1 h fa

Research Report Analysis: Morgan Stanley Details SanDisk SNDK, The Truth About Cloud Data Center Pricing Power and AI Inference Benefits

marsbit1 h fa

8.5 Million USDT Flees Overnight: Can High-Yield Stablecoin Vaults Still Be Safely Deposited?

$8.5M USDT Exodus Triggers High-Yield Stablecoin Vault Shutdown Fears of a liquidity crunch following a third-party auditor's withdrawal from competitor MainStreet triggered over $8.5 million in user withdrawals from Altura's stablecoin vault in 24 hours, forcing it to begin an orderly wind-down. Altura clarified it holds no MainStreet assets, indicating the crisis stemmed from a sector-wide loss of confidence rather than direct asset contagion. The incident highlights a critical vulnerability in high-yield stablecoin products: a mismatch between user expectations for instant redemptions and the illiquid, long-duration nature of underlying investments like private credit and real-world assets (RWA). Even without actual losses, the mere prospect of being last in line for repayment can spark a debilitating bank run. The key lesson is that operational liquidity risk and market confidence are decisive factors. Tools like reserve audits, intended to reduce uncertainty, can backfire if their withdrawal accelerates panic faster than assurances can spread. The industry must now observe how Altura manages its asset liquidation and user reimbursements, a process that will test the feasibility of offering DeFi-native speeds on traditionally illiquid yield strategies.

Foresight News1 h fa

8.5 Million USDT Flees Overnight: Can High-Yield Stablecoin Vaults Still Be Safely Deposited?

Foresight News1 h fa

A Threefold Performance Leap! NEAR Achieves 200ms Physical Block Time Limit with SPICE

NEAR's core development team, Near One, has announced its next major protocol evolution: SPICE (Separation of Consensus and Execution). Currently in development, SPICE represents the most significant upgrade before the full implementation of Nightshade 3.0. Its core innovation is decoupling the consensus layer, responsible for ordering transactions, from the execution layer, which processes them. This allows the consensus layer to run at full speed without waiting for transaction execution to complete. Once deployed, SPICE is projected to triple NEAR's block production speed, achieving a 200ms block time, which is considered the physical limit due to the speed of light and network latency. This leap will dramatically reduce transaction latency and finality, with transactions confirming in roughly 0.4 seconds—faster than a typical card payment. The upgrade also enables more complex, long-running transactions and significantly improves user experience for applications like NEAR Intents and near.com. Beyond raw speed, SPICE enhances network scalability and security. It enables deeper parallelism, efficiently distributing workload across shards and improving resource utilization. The simpler block structure and lighter contracts also facilitate formal verification and security auditing. Furthermore, SPICE lays the critical groundwork for future Nightshade 3.0 features, most notably atomic cross-shard transactions, which would simplify complex contract logic and eliminate development hurdles caused by asynchronous execution. The Near One team is actively developing SPICE, targeting deployment in the coming months.

Foresight News2 h fa

A Threefold Performance Leap! NEAR Achieves 200ms Physical Block Time Limit with SPICE

Foresight News2 h fa

Trading

Spot

Futures