Vanguard May Finally Allow Access to BTC and ETH ETFs
Shift From Past Reluctance
Vanguard, the $10 trillion asset manager, is considering allowing brokerage clients access to cryptocurrency platform-traded funds, according to a report from Crypto in America. The move would represent a departure from the firm’s repeated refusals to engage with digital asset products.
In January 2024, when the first U.S. spot BTC ETFs launched, Vanguard said it would not offer them, citing volatility as unsuitable for long-term returns. Hopes of a change rose when Salim Ramji, the former head of BlackRock’s iShares unit and a supporter of BTC ETFs, became CEO later that year. But by August, Ramji said Vanguard had no intention of launching its own crypto ETFs, extending the firm’s hard line.
While the firm is not planning to issue its own funds, a source told the outlet that Vanguard is now examining ways to meet client demand by providing access to third-party products. The source, who requested anonymity, said the company is “being very methodical in their approach, understanding the dynamics have been changing since 2024.”
Investor Takeaway
Regulatory Backdrop and Market Context
The shift comes amid a friendlier U.S. policy environment. Regulators under the Trump administration have approved new generic listing standards to speed the review of crypto ETFs, building on the Securities and platform Commission’s greenlight of spot BTC ETFs in 2024. These changes have opened the door for broader adoption by retail and institutional investors alike.
Competitors such as BlackRock and Fidelity already offer BTC and ether ETFs, products that have rapidly gained billions in assets. Analysts say Vanguard’s absence has left some clients frustrated, particularly as peers capture market share in one of the quickest-growing ETF segments.
Bloomberg Senior ETF analyst Eric Balchunas wrote on X: “Vanguard is looking to end BTC ETF ban. We heard chatter of this too. Smart of them imo. BTC and ETH ETFs are hugely popular and Salim was one of IBIT’s midwives so he knows.”
Industry Reaction and Client Pressure
The report has stirred debate among crypto advocates and skeptics. Despite Vanguard’s historic reluctance, the company became the largest shareholder in proxy BTC treasury firm Strategy earlier this year. That move drew attention from Michael Saylor, Strategy’s co-founder and a prominent BTC supporter, who has long argued that traditional institutions will eventually adopt digital assets despite public resistance.
Balchunas added that Vanguard’s 50 million investors give it unmatched reach in the U.S. fund market. “Obviously many are not the BTC type but that’s massive, they are largegest fund company in the U.S. by two times over,” he noted.
For now, details on timing and product selection remain undecided. The source said Vanguard has no plans to create proprietary offerings, only to evaluate client access to existing ETFs issued by other managers.
Investor Takeaway
What Comes Next
Industry observers say a decision by Vanguard to open brokerage access would be one of the most notable reversals in the ETF market. While the firm continues to frame crypto as unsuitable for its core long-term strategies, rising demand and competitive pressure are testing that stance. If Vanguard moves forward, it would provide clients exposure to crypto ETFs without the firm abandoning its philosophy of low-cost, diversified investing.
With regulatory momentum on its side and client demand mounting, the question is no longer whether crypto ETFs will be mainstream, but whether Vanguard can continue to ignore them while rivals press ahead.
