"Another day, another massive financial institution embraces crypto. This time it's Vanguard, the world's second-largest asset management firm. Starting on Tuesday, Bloomberg reports, the brokerage-which long took the position that crypto is not a suitable investment for its clients-will begin listing crypto ETFs and mutual funds, including those for Bitcoin, Ether, Solana, and XRP. Vanguard has about $11 trillion in assets and more than 50 million customers."
"The firm has, historically, not been shy about its distaste for crypto. When Bitcoin ETFs launched in the U.S. last year, Vanguard's CEO said that he didn't believe they belonged in a long-term portfolio. But given crypto ETFs' success in the last couple of years, the brokerage could no longer pass up on the opportunity. In late October, several ETFs from smaller cryptocurrencies, like Solana and Hedera, launched on other brokerages."
"Crypto ETFs have seen massive amounts of trading volume since the first ones launched in 2024. That year, BlackRock's iShares Bitcoin Trust ETF (IBIT), and its Ethereum fund (ETHA) set record inflows. Currently, iBit is holding around $66 billion worth of Bitcoin on behalf of its customers. The crypto industry has fought for ETFs since at least 2013, when Cameron and Tyler Winklevoss sought approval for a spot Bitcoin ETF."
Vanguard will begin listing crypto ETFs and mutual funds covering Bitcoin, Ether, Solana, and XRP. The firm manages about $11 trillion in assets and serves over 50 million customers. Vanguard previously advised against crypto in long-term portfolios, but strong ETF performance and high trading volumes prompted the shift. Smaller cryptocurrency ETFs launched recently, and some had notably successful debuts. BlackRock's Bitcoin and Ethereum ETFs recorded major inflows, with IBIT holding roughly $66 billion in Bitcoin. Major cryptocurrencies have pulled back from recent highs, with Bitcoin down about 28% and Ethereum and Solana down around 22–24%.
Read at Fortune
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