Crypto News – A few clients appear to have been pushed out by asset management Vanguard‘s apparent plan to prohibit the buying of spot Bitcoin exchange-traded funds (ETF) on its platform.
Threat from Vanguard Users: They Threaten to Close Account in Response to Blocking
Vanguard stated that it will not provide the new spot Bitcoin ETFs on its brokerage platform since they conflict with its regular offers, according to a Wall Street Journal report dated January 11.
Spot bitcoin ETFs will not be available for purchase on the Vanguard platform. We also have no plans to offer Vanguard bitcoin ETFs or other crypto-related products.
Our perspective is that these products do not align with our offer focused on asset classes such as equities, bonds, and cash, which Vanguard views as the building blocks of a well-balanced, long-term investment portfolio.
the company
Reaction to Vanguard Grows
Not one of the 14 issuers who submitted an application for a spot Bitcoin ETF in 2023 was Vanguard, and some investors have viewed its recent actions as justification to transfer their money to other platforms. Tony Spencer, a purported Vanguard client, says he was informed by a representative that Vanguard is not selling spot Bitcoin ETFs since the product doesn’t align with Vanguard’s investment philosophies. Additionally, Spencer asserts that Grayscale’s primary Bitcoin offering, the Grayscale Bitcoin Trust, which was just transformed into a spot ETF, may only be sold by investors through Vanguard.
In reaction to the reported decision, bitcoin analyst Neil Jacobs stated he is also in the process of withdrawing money from Vanguard.
Terrible business decision by Vanguard,
Jacobs
An X account called Bitcoin Archive collected the prominent reactions in a post.
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