Asset manager Vanguard will not allow the purchase of spot Bitcoin (BTC) ETFs on its platform.
A Jan. 11 Wall Street Journal report said Vanguard has no plans to offer new instruments on its brokerage platform because they don't align with its traditional offerings.
“In our view, these products do not fit with our offering, which focuses on asset classes such as stocks, bonds and cash, which Vanguard views as the building blocks of a balanced, long-term investment portfolio.”
Vanguard statement
Tony Spencer, one of Vanguard's customers, noted that a representative told him that Vanguard does not allow the purchase of spot Bitcoin ETFs because the product is “inconsistent with Vanguard's investment philosophy.”
Spencer also claims that Vanguard only allows investors to sell Grayscale's flagship Bitcoin product GBTC, which was recently converted into a spot ETF. Clients of investment firms Citi, Merill Lynch, Edward Jones and UBS reported that they were also unable to purchase spot Bitcoin ETFs on these respective platforms.
Wow. It's worse than I thought. I called and the response I received was, “We do not allow the purchase of these products at this time as it does not fit with Vanguard’s investment philosophy.”
Me: “Ok, but you let me buy GBTC earlier.”
He: “Yes, I think you can only sell it now.”
— Tony Spencer (@notsleepy) January 11, 2024
The US Securities and Exchange Commission (SEC) has officially approved the launch of the first 11 ETFs that invest directly in Bitcoin. This happened after an unidentified person gained unauthorized access to the SEC's account on the social network X and published information about the regulator's permission to launch such ETFs, which was later denied and deleted by the Commission.
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