Haciyev Reşit 
Vanguard, the world’s second-largest asset manager, is exploring allowing its U.S. brokerage clients access to cryptocurrency exchange-traded funds (ETFs). The company has begun gauging sentiment on this matter amid rising customer demand and a shifting regulatory environment.
Current Policy and Changing Dynamics
Vanguard had previously banned brokerage clients from buying and selling spot crypto ETFs, labeling cryptocurrencies as a “highly volatile asset class.” However, significant regulatory changes have recently taken place in the U.S.:
- The SEC has adopted new general listing standards to speed up crypto ETF approvals.
- The Trump administration has taken a more flexible stance toward crypto.
- Index funds covering major crypto assets have received the green light.
These developments have prompted Vanguard to reconsider its previously conservative approach.
Vanguard’s Potential Strategy
According to a source familiar with the matter, Vanguard is not currently planning to launch its own crypto ETFs. Instead, the company is weighing whether to allow brokerage clients access to certain third-party crypto ETF products. However, it remains unclear which products would be offered or when a decision might be made.
“Vanguard is proceeding very methodically. They recognize that since 2024, market dynamics have shifted significantly,” the source said.
Growing Competition!
The company’s new CEO, Salim Ramji, previously spent 10 years at BlackRock and was one of the key figures behind the launch of BlackRock’s highly successful Bitcoin ETF, IBIT. Since January 2024, IBIT has seen over $60 billion in net inflows, bringing its total assets above $80 billion. This has sparked the question: “Will Ramji pursue a similar strategy at Vanguard?”
At the Morningstar Investment Conference last July, Ramji reiterated that Vanguard would not be launching its own crypto ETFs. However, he avoided giving a direct answer when asked about providing platform access to third-party crypto ETFs.
Assessment
Vanguard’s move is seen as a signal that the company may enter the crypto market cautiously, but gradually. If brokerage clients are given access to third-party crypto ETFs, it would not only increase investors’ portfolio diversification but also strengthen Vanguard’s competitive position. Nevertheless, it should be remembered that crypto assets inherently carry high risks.
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