The world's second-largest asset management company, Vanguard, will allow its clients to trade cryptocurrency exchange-traded funds (ETFs) and mutual funds on its platform starting Tuesday, reversing its previous stance on digital asset ETFs.
Driven by ongoing demand from retail and institutional investors, Vanguard will allow third-party access to cryptocurrency ETFs and mutual funds, similar to how the company treats gold, a Vanguard spokesperson confirmed to Cointelegraph.
According to Bloomberg, only ETFs that meet regulatory standards will be included, such as those related to Bitcoin (BTC), Ethereum (ETH), XRP (XRP), and Solana (SOL).
The investment management company told Cointelegraph that it has excluded meme coins and the creation of its own cryptocurrency ETFs and mutual funds.
A Vanguard spokesperson stated, "We serve millions of investors with different needs and risk profiles, and our goal is to provide a brokerage platform that allows our brokerage clients to invest in the products of their choice."
According to the company's latest report, as of January, Vanguard is the second-largest asset management company after BlackRock, managing over $11 trillion in assets globally.
Vanguard had previously opposed offering cryptocurrency ETFs on its platform, citing the volatility and speculative nature of the assets.
Its former CEO, Tim Buckley, also strongly opposed this, stating in a video from May 2024 that the company "does not believe it belongs, for example, Bitcoin ETFs belong in the long-term portfolios of people saving for retirement. It is a speculative asset."
Buckley announced his resignation as CEO in February 2024 and retired at the end of that year.
Salim Ramji, the former head of BlackRock's global ETF business, took over as Vanguard's CEO, and he also ruled out the possibility of offering cryptocurrency-related investment products in August.
Some X users speculate that Vanguard's policy shift could open the floodgates for new investors and drive up cryptocurrency prices. Cryptocurrency analyst and investor Nilesh Rohilla stated that he would be surprised if Bitcoin rises by 5% within "the next 24 hours due to this news."
X user BankXRP remarked that this "is another significant signal that traditional finance is fully entering digital assets. A flood of funds is lining up."
Meanwhile, Vivek Sen, founder of the Bitcoin PR firm Bitgrow Lab, also predicted that "trillions of dollars are about to come in."
Related: BlackRock executive says $2.3 billion outflow from IBIT is "completely normal."
Original article: “Vanguard's over 50 million clients will soon be able to trade cryptocurrency ETFs”
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