Vanguard blocked customers from buying spot Bitcoin exchange-traded funds (ETFs) on its platform and now some are threatening to move their funds to competitors.<\/p>\n
The $7.2 trillion asset manager, the world’s second-largest after BlackRock, said it has no plans to offer BTC ETFs or allow customers to purchase the product on its platform.<\/p>\n
The investment product does not align with the company’s focus on ”asset classes such as equities, bonds, and cash, which Vanguard views as the building blocks of a well-balanced long-term investment portfolio,” it told the Wall Street Journal.<\/a><\/p>\n The move provoked criticism from customers. Tony Spencer said on X that a spokesperson from the company told him he could not buy the product as it did not align with its investment philosophy.<\/p>\n Wow. It is worse than I thought. I called and the answer I received was \"Currently we aren't allowing those to be purchased as it doesn't fit with Vanguard's investment philosophy.\"<\/p>\n Me: \"Ok but you let me buy GBTC in the past.\"<\/p>\n Him: \"Yes I believe you can only sell that now.\"<\/p>\n — Tony Spencer (@notsleepy) January 11, 2024<\/a><\/p><\/blockquote>\n\n