Vanguard, the U.S. financial conglomerate managing $7.7 trillion in assets, continues to take actions reaffirming its contrary stance to other Wall Street giants regarding the acceptance of Bitcoin ETFs.
Specifically, according to Axios, Vanguard will remove its Bitcoin futures ETF product from its brokerage trading platform. This move comes just one day after the company declared its lack of support for trading Bitcoin spot ETFs, a new investment product approved by the SEC on January 11.
A spokesperson for the company stated:
In addition to Bitcoin spot ETFs not being available for purchase through Vanguard, the company will also cease supporting the trading of Bitcoin futures ETFs with immediate effect.
Vanguard appears to maintain its anti-Bitcoin stance, citing the cryptocurrency’s high volatility and risk as incompatible with the company’s philosophy of providing stable and long-term investment options.
This perspective has been evident since November 2023 when Vanguard’s CEO, Tim Buckley, declined to participate in the race to launch Bitcoin spot ETFs alongside competitors on Wall Street.
Many cryptocurrency market investors have criticized Vanguard’s actions, labeling them as a misguided and outdated move that could turn the company into the “Nokia of Wall Street.”
Related: Grayscale Stirs Market with Major Bitcoin Transfer
As reported by AZC.News, Bitcoin spot ETFs recorded a total volume of $7.7 billion in the first two days of trading, indicating significant buying and selling demand from U.S. investors. However, the cryptocurrency market has experienced a sharp correction, with the price of BTC dropping from $45,900 to $41,500 in the last 12 hours.
