One of the most conservative giants in global finance may be on the verge of a dramatic turn. Vanguard, the $10 trillion mutual fund manager that has consistently dismissed cryptocurrencies as speculative and lacking intrinsic value, is now reportedly weighing whether to let brokerage clients access third-party crypto exchange-traded funds (ETFs).

Crypto In America’s Eleanor Terrett shared on social media platform X on Sept. 26:

Vanguard eyes crypto ETF access for brokerage clients. The world’s second-largest asset manager, Vanguard, is preparing to allow access to crypto ETFs on its brokerage platform, according to a source familiar with the matter.

The pivot stands in stark contrast to years of public criticism from Vanguard executives. In past remarks, Duncan Burns, Vanguard’s Asia-Pacific chief investment officer, argued that bitcoin’s investment merits were “weak” and that the asset “has no role in long-term investment portfolios” because it “lacks intrinsic value.” Burns also stated: “While many speculators have made money on cryptocurrencies, there are as many if not more who have made a loss. And I suspect a lot more will lose money in the future.”

Vanguard CEO Salim Ramji echoed that cautious stance in 2024, stressing the firm would not launch its own crypto ETF. Despite this, Vanguard emerged as a top shareholder of Strategy Inc. (also known as Microstrategy)—a company widely associated with bitcoin advocacy.

“The $10 trillion mutual fund giant has stayed on the sidelines of crypto — until now,” Terrett noted. A source quoted by her explained: “They’re being very methodical in their approach, understanding the dynamics have been changing since 2024.”

Industry analysts say this contradiction makes the new report even more significant. Bloomberg ETF analyst Eric Balchunas commented on social media platform X: “Vanguard is looking to end bitcoin ETF ban … We heard chatter of this too. Smart of them imo. Bitcoin and ETH ETFs hugely popular and Salim (the CEO) was one of IBIT’s midwives so he knows…” The Bloomberg analyst continued:

For all the crypto bros crashing out because bitcoin had a bad week after going up 350% this will brighten your day: Vanguard has 50 million investors. Obv many are not the bitcoin type but that’s massive, they are biggest fund company in the US by two times over.

If finalized, Vanguard’s shift could be one of the most dramatic reversals yet in institutional crypto adoption.

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