Vanguard: "We Do Not Sell Bitcoin Spot ETFs... It Does Not Align with Our Investment Philosophy"

The world's second-largest asset management firm, Vanguard, has announced that it will not offer spot Bitcoin exchange-traded fund (ETF) products.

On the 11th (local time), according to The Wall Street Journal (WSJ) and Fox News, Vanguard stated that it will not provide spot Bitcoin ETF products through its securities platform.

Earlier, the largest asset manager BlackRock and others received approval from U.S. authorities to sell 11 spot Bitcoin ETFs. This was because the U.S. Securities and Exchange Commission (SEC) approved the listing and trading of spot Bitcoin ETFs on the 10th, opening a path for individual investors to invest in Bitcoin through financial firms instead of cryptocurrency exchanges that are outside regulation.

Vanguard explained, "This product does not align with our financial products focused on asset classes such as stocks, bonds, and cash, which can be considered components of a balanced long-term investment portfolio."

Fox News reported that a Vanguard client said, "Vanguard stated that 'spot Bitcoin ETFs do not align with our investment philosophy.'"

Vanguard has also previously restricted the sale of financial products it considers unsafe. Notably, in 2019, it stopped purchases of leveraged and inverse ETFs, citing their risks.

Additionally, Merrill Lynch, Citigroup, Bank of America (BofA), Edward Jones, Northwestern Mutual, and others are also reported to have no immediate plans to start selling these products. Some of these firms may not have received approval from their compliance departments.