Vanguard Group now allows clients to trade spot Bitcoin ETFs on its platform. The firm’s overall view of crypto has not changed despite this major policy shift.
Vanguard Group may now allow its clients to trade spot Bitcoin exchange-traded funds. However, one of the firm’s senior investment leaders said its underlying view of crypto remains unchanged. This change represents a compromise and belies the long-standing view of the firm. Previously, they argued that digital assets were too volatile and speculative to be used in serious portfolios.
This policy shift is a huge change from the previous position. Vanguard famously rejected Bitcoin ETFs that had been newly launched in January 2024. They also took away access to Bitcoin futures ETFs that already existed. The firm has always regarded Bitcoin as an immature asset class.
Senior Leader Likens Bitcoin to a ‘Digital Labubu’
John Ameriks, Vanguard’s global head of quantitative equity, has been cautious. He stated that Bitcoin is better considered as a speculative collectible. Further, he compared it to a popular soft toy, or “digital Labubu.” He believes that the token does not have the properties that the firm is looking for in long-term investments.
Vanguard Group may now allow clients to trade spot Bitcoin exchange-traded funds, but one of the firm’s senior investment leaders says its underlying view of crypto remains unchanged. https://t.co/vLbyYnJlre
— Bloomberg (@business) December 12, 2025
Ameriks named Bitcoin’s lack of income and compounding in particular. Furthermore, he pointed out that it lacked cash flows. This perspective is the focus on productive assets of the firm. These assets need to be producing cash flow transparently.
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The recent change was made under the aegis of the new CEO, Salim Ramji. Ramji joined in July 2024. He is a former head of BlackRock’s iShares division. He was behind the initiation of their successful spot Bitcoin ETF.
The current position of the firm is a cautious compromise. Vanguard is now starting to trade third-party ETFs and mutual funds. These funds store major cryptocurrencies. This includes Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and XRP (Ripple).
Firm Maintains Restrictions on Speculative Crypto Products
Despite being open for access, the firm is selective. Vanguard will continue to invest in funds that are linked to speculative meme coins. They will also limit products that are not fully supported by the SEC. This approach makes Vanguard crypto-accessible, not crypto-native.
Crucially, Vanguard doesn’t have any current plans to launch its own crypto products. They are handling crypto ETFs the same as other non-core, niche asset classes, such as gold funds. Clients can invest in these at their own discretion. However, the firm will not provide any specific investment advice or proprietary funds.
The policy change is coming on the back of strong investor demand. This explosion in the popularity of Bitcoin ETFs made them too hard for snooty asset managers to ignore. In addition, the administrative processes to service these types of funds have become mature. This has reduced the operational risk issues of the firm.
Vanguard manages a large amount of money. The potential opening of access for its millions of brokerage clients is massive. Ultimately, this move indicates the growing relevance of digital assets in the larger ETF market.