- Vanguard has stated that it will end support for all crypto products
- The investment management giant had previously said it will not support the purchase of spot Bitcoin ETFs
Vanguard, America’s second-largest investment manager, has gone the extra mile in its anti-Bitcoin (BTC) stance. In the latest development, the company has discontinued support for Bitcoin Futures ETFs along with discontinuing purchases of all other crypto products.
The company disclosed the information to Axios, to report“In addition to Bitcoin ETFs not being available for purchase on the Vanguard platform, effective immediately, Vanguard will no longer accept the purchase of cryptocurrency products, including Bitcoin futures ETFs.” The company further said:
“This change allows us to focus on offering a core suite of products and services that are consistent with our commitment to meeting the needs of long-term investors”
Vanguard closes all doors to Bitcoin
Notably, the announcement comes days after Vanguard stated that it would not allow the purchase of spot Bitcoin ETFs on its platform. The place Bitcoin ETFs went live on January 11, the same day Vanguard revealed it wouldn’t play a role in the celebration.
This move had taken the crypto world by surprise. This was especially true given that Blackrock – the largest US asset manager – was actively rallying to gain approval for a spot Bitcoin ETF. Blackrock was one of eleven companies whose filings were approved by the U.S. Securities and Exchanges Commission (SEC).
In an interview with the Wall Street Journal, Vanguard had stated that “products do not align with our asset class offerings.” In particular, the company is quite infamous for its anti-crypto stance. In September 2021, it had published an entire article on its views on cryptocurrencies. The post concluded that they believe the “long-term investment case for cryptocurrencies is weak.”
While spot Bitcoin ETFs are a product the market has been waiting for for years, the excitement about them hasn’t quite been reflected in the coin’s price. According to CoinMarketCap, BTC was trading at $42,618 with a market cap of £835 billion. The coin has seen a price drop of over 7 percent in the past 24 hours, while the seven-day chart has seen a drop of over 3 percent.