In a major reversal that could open the door for more traditional capital to enter digital assets, Vanguard will allow funds holding cryptocurrencies like bitcoin, solana, XRP and ether to trade on its platform, Bloomberg reported Monday.
Vanguard had previously said it would steer clear of crypto-related products, including the spot bitcoin ETFs launched by BlackRock and Fidelity. As recently as August 2024, CEO Salim Ramji said the firm had no plans to offer crypto ETFs.
Bloomberg reported that Vanguard is responding to pressure from retail and institutional clients, prompting the firm to reverse course. Starting Tuesday, ETFs and mutual funds that primarily hold cryptocurrencies will be available to trade on its platform.
“Cryptocurrency ETFs and mutual funds have been tested through periods of market volatility, performing as designed while maintaining liquidity,” said Andrew Kadjeski, head of brokerage and investments at Vanguard, Bloomberg reported. “The administrative processes to service these types of funds have matured, and investor preferences continue to evolve.”
The Wall Street behemoth choosing to embrace digital assets counts as one more example of how the worlds of traditional finance and digital assets are continuing to merge. The firm had been weighing changes to its crypto-product policies since at least September, according to earlier reports.
Vanguard’s platform services more than “50 million brokerage customers” who manage “over $11 trillion,” Bloomberg reported.
Crypto ETFs rolled out gradually in the U.S. — first with the SEC’s approval of spot bitcoin ETFs in January 2024 and then spot ether ETFs six months later. But momentum has picked up: investors can now buy ETFs tracking XRP, Solana, Dogecoin and Litecoin, among others.
Last week, Bloomberg Senior ETF analyst Eric Balchunas said he expects over 100 new crypto ETFs will launch in the next six months. In October, there were over 150 cryptocurrency-based exchange-traded product filings tracking 35 different digital assets.
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