Vanguard, the world’s second-largest asset manager with over $10 trillion in AUM, could be set to reverse its long-held stance against digital asset products, according to a report from Crypto in America.
In January 2024, when the first spot bitcoin exchange-traded funds launched in the U.S., Vanguard famously said it wouldn’t offer access to the new asset class, citing its high volatility as bad for generating long-term returns. A few months later, the firm appointed Salim Ramji, the bitcoin-friendly former lead of the BlackRock BTC ETF, as CEO, sparking hopes for a change in its position. However, those were again dashed in August that year as the new CEO said it did not plan to launch crypto ETFs.
While that latter point remains true, Vanguard may have come around to the idea of offering access to such products at least, according to the outlet’s source, who spoke on condition of anonymity. Vanguard is now exploring ways to meet client demand for digital assets amid shifting regulation, the source said, confirming that while it has no plans to launch its own products like BlackRock, the firm is weighing whether to let brokerage clients access select third-party crypto ETFs — with timing and product choices yet to be decided.
“They’re being very methodical in their approach, understanding the dynamics have been changing since 2024,” the source said.
The potential shift comes as regulators under the Trump administration have gone beyond easing pressure on crypto to actively embracing it, with the Securities and Exchange Commission recently approving new generic listing standards to fast-track crypto ETF approvals.
“Vanguard is looking to end bitcoin ETF ban (aka bend the knee lol),” Bloomberg Senior ETF analyst Eric Balchunas said on X. “We heard chatter of this too. Smart of them imo. Bitcoin and Ethereum ETFs are hugely popular and Salim was one of IBIT’s midwives so he knows.”
Despite Vanguard’s prior negative stance on digital assets, the bitcoin skeptic still became the largest shareholder in proxy BTC treasury firm Strategy earlier this year — a point not lost on its co-founder and bitcoin evangelist Michael Saylor.
“For all the crypto bros crashing out because bitcoin had a bad week after going up 350% [since ETF approval] this will brighten your day: Vanguard has 50 million investors. Obviously many are not the bitcoin type but that’s massive, they are biggest fund company in the U.S. by two times over,” Balchunas added.
The Block reached out to Vanguard for comment.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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