As part of the prestigious Big Three U.S. global investment corporations, alongside BlackRock and State Street, Vanguard disclosed to Bloomberg that it does not intend to provide its clients with the opportunity to trade in Bitcoin spot ETFs.
An anonymous Vanguard employee, who is knowledgeable about the matter, told Bloomberg that despite the recent approval of this new financial instrument by the US Securities and Exchange Commission (SEC), the company is still evaluating the potential prospects and implications of offering such a service. This cautious approach is mainly due to the high volatility associated with this asset class.
A representative from Vanguard clarified that the investment firm has no immediate plans to launch the Vanguard BTC spot ETF or any other investment products related to cryptocurrency.
Just the previous day, several spot exchange-traded funds for Bitcoin commenced trading. Within the first day, the combined trading volume of shares in these ETFs reached approximately $4.5 billion, with Grayscale’s Bitcoin ETF emerging as the volume leader.