Vanguard, the largest index fund in the United States, has expanded its stance away from cryptocurrency. The company spokesperson stated that in addition to not offering Bitcoin spot ETF trading, they will no longer accept customer purchases of cryptocurrency products, including Bitcoin futures ETF.
The first Bitcoin spot ETF in the United States officially began trading on the evening of the 11th. However, Vanguard, the largest index fund in the United States and second only to BlackRock in terms of asset management, announced that it will not provide Bitcoin spot ETF trading services to its clients due to the “high speculation” and “regulatory uncertainty” of cryptocurrencies.
Vanguard’s move has caused a stir in the cryptocurrency community, even sparking a wave of resistance. Several industry leaders and KOLs have led the way in withdrawing investments from Vanguard and turning to other competitors that offer spot ETF trading.
According to reports from Axios and The Block, in addition to not providing Bitcoin spot ETF trading services, Vanguard has further strengthened its stance away from cryptocurrency. The company spokesperson stated on the 13th that they do not plan to launch Vanguard’s own Bitcoin ETF or other cryptocurrency-related products. “Our long-standing view is that the high volatility of cryptocurrencies goes against our goal of helping investors generate positive long-term returns. This change allows us to focus on providing a range of core products and services that align with our commitment to meeting the long-term needs of investors.”
Regarding Vanguard’s decision to refuse to provide Bitcoin ETF trading services, Cathie Wood, CEO of Ark Investment Management, which successfully launched a Bitcoin spot ETF last week, commented in an interview with Yahoo on Saturday that Vanguard’s decision is “very bad.”
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