Vanguard, the world’s second-largest asset manager with more than $10 trillion in assets under management, is evaluating whether to let brokerage clients access select third-party crypto exchange-traded funds, according to a Crypto in America report citing an unnamed source.
The review would mark a change from Vanguard’s long-standing stance against offering digital asset products to its customers.
The source said Vanguard has no plans to issue its own crypto ETFs. Instead, the firm is studying how to meet client demand within evolving regulation and risk standards. Timing and specific product choices have not been decided.
Background
When spot bitcoin ETFs launched in the U.S. in January 2024, Vanguard declined to offer access, calling the asset class too volatile for long-term investment goals.
Expectations of a pivot rose after Vanguard appointed Salim Ramji – formerly a senior leader at BlackRock’s ETF unit – as CEO, but the firm reiterated in August 2024 that it did not plan to launch crypto ETFs.
The latest report suggests policy is under review again. It comes as U.S. regulators have moved to streamline crypto ETF listings and as political signals have turned more supportive of digital assets. Bloomberg’s Eric Balchunas wrote that ending the “bitcoin ETF ban” would be “smart,” noting that bitcoin and ethereum ETFs have proven popular.
What could change for clients
If Vanguard allows access, its brokerage platform could enable trading in a limited set of third-party spot crypto ETFs, subject to suitability, disclosures, and platform rules. That would align Vanguard with peers that give clients ETF access without issuing funds themselves.
The approach would let Vanguard respond to demand while avoiding product manufacturing, market-making, and wallet infrastructure. It would also keep control over the platform’s risk guardrails, including which funds qualify and what investor protections apply.
Support for crypto funds has grown across traditional finance, helped by rule changes that shorten listing timelines and by rising assets in spot bitcoin and ethereum ETFs. At the same time, volatility, liquidity gaps during stress, and evolving custody and valuation standards remain core risk considerations for large platforms.
For crypto markets, a platform-access shift at Vanguard would be symbolically important because of its scale and its 50 million-plus investor base. The firm has also surfaced in headlines as a large shareholder in listed companies that hold bitcoin on balance sheet, underscoring how exposure can come indirectly through equities.
