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Vanguard Group Inc., the world’s second largest asset manager, began allowing cryptocurrency ETFs on its brokerage platform starting December 2, 2025, reversing years of staunch opposition to digital assets and granting over 50 million clients access to Bitcoin (CRYPTO: BTC) and select altcoin products.
The policy shift enables Vanguard brokerage customers managing approximately $11 trillion in assets to trade ETFs holding Bitcoin, Ethereum (CRYPTO: ETH), XRP (CRYPTO: XRP), and Solana (CRYPTO: SOL). The move marks a dramatic departure from the firm’s longstanding view that cryptocurrencies were too volatile and speculative for serious portfolios.
When spot Bitcoin ETFs launched in January 2024, Vanguard immediately blocked all client access, triggering the #BoycottVanguard campaign across social media. Customers attempting to purchase products like BlackRock Inc.’s iShares Bitcoin Trust encountered error messages stating trades could not be completed.
Former CEO Tim Buckley consistently argued that Bitcoin was too volatile and did not qualify as a store of value. The firm maintained this stance even as competitors including BlackRock, Fidelity, and Franklin Templeton launched successful crypto products that attracted billions in investor capital throughout 2024.
The transformation occurred under Salim Ramji, who assumed the CEO role in July 2024 after serving as BlackRock’s Global Head of iShares and Index Investments. Ramji helped launch BlackRock’s spot Bitcoin ETF before joining Vanguard, making him the first outsider to lead the 50-year-old investment firm.
Andrew Kadjeski, Vanguard’s head of brokerage and investments, explained that cryptocurrency ETFs have been tested through market volatility and performed as designed while maintaining liquidity. He noted that administrative processes for servicing these funds have matured, and investor preferences continue to evolve.
The decision arrives during turbulent times for crypto markets. Bitcoin currently trades around $86,600, down roughly 30% from its October peak above $126,000. Despite recent volatility, institutional appetite for regulated crypto exposure remains strong. BlackRock’s iShares Bitcoin Trust peaked near $100 billion in assets before declining to approximately $70 billion.
Bloomberg ETF analyst Eric Balchunas noted Bitcoin jumped approximately 6% at Tuesday’s U.S. market open, the first session after Vanguard lifted its trading ban. He attributed the surge partially to unexpected demand from typically conservative Vanguard clients finally gaining crypto exposure.
Vanguard emphasized it has no plans to launch its own crypto products and will exclude funds tied to memecoins as described by the Securities and Exchange Commission. The firm will treat crypto ETFs similarly to other non-core asset classes like gold, requiring products to meet established standards before listing eligibility.
This selective approach positions Vanguard as crypto-accessible without becoming crypto-native, preserving its reputation for conservative investment strategies while serving clients with diverse needs and risk profiles.
Vanguard’s reversal followed sustained pressure from multiple directions. Clients had requested access to regulated crypto products for years, with many transferring accounts to competitors like Fidelity and Charles Schwab that embraced digital assets earlier.
Altcoin ETFs have shown resilience amid broader market weakness. XRP ETFs attracted $756 million in investment since launching November 13, while Solana ETFs enjoyed $605 million in inflows since their October debut. Balchunas projects over 100 new crypto products will launch over the next six months.
The move effectively eliminates the last major institutional barrier preventing everyday U.S. investors from accessing crypto through regulated ETF products. The policy change grants access to products from major issuers including BlackRock, Fidelity, Grayscale and Franklin Templeton.
If even a small fraction of Vanguard’s 50 million brokerage customers allocates capital to crypto ETFs, the resulting inflows could drive significant market impact and accelerate institutional adoption trends. Market observers interpret the shift as pragmatic client retention rather than ideological conversion.
For crypto advocates who criticized Vanguard’s resistance throughout 2024, the reversal validates their view that digital assets have matured into legitimate investment vehicles deserving mainstream access through the financial industry’s most trusted platforms.
Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.
