$11 trillion giant Vanguard finally eyes Bitcoin and crypto ETFs
The last of the “Big Three” U.S. investment giants — Vanguard, which manages $11 trillion in assets, is turning toward cryptocurrencies, exploring the possibility of offering its clients products based on Bitcoin (BTC).
Serving about 50 million investors, Vanguard currently does not offer any crypto products, so even the idea of exploring such assets signals a potentially fundamental shift. This is especially noteworthy given that the company had previously been skeptical of Bitcoin ETFs, arguing that cryptocurrencies lack intrinsic economic value, generate no cash flow, and carry inherent risk.
It's dangerous to delay further
However, as reported by Bloomberg, rising client demand has led to a change in position. According to the report, the American investment giant is considering launching Bitcoin products via Wall Street, which could soon extend to altcoin ETFs, if the U.S. Securities and Exchange Commission (SEC) approves them.
“If you’re a Vanguard investor and want to buy a Bitcoin ETF, you shouldn’t need to switch to another platform — almost every major platform now offers Bitcoin ETFs. I see this as a sign of the times, a serious shift,” said reporter and insider Isabelle Lee in a discussion with Eric Balchunas.
“The season of crypto ETF approvals has officially arrived!” added Bloomberg’s senior ETF analyst Eric Balchunas.
This policy shift also comes in light of Vanguard’s appointment of Salim Ramji as CEO. Ramji, who previously led ETFs and index investments at BlackRock, was responsible for launching the most successful spot Bitcoin and Ethereum ETFs.
The potential impact is huge: with 50 million clients worldwide, even a small fraction of them entering the crypto market could drive a massive inflow of capital.
As we wrote, BlackRock, Vanguard, State Street urge court to reject U.S. antitrust suit
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