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Home»TRADING NEWS»Vanguard removes Bitcoin futures ETF from platform.
TRADING NEWS

Vanguard removes Bitcoin futures ETF from platform.

By Crypto FlexsJanuary 13, 20242 Mins Read
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Vanguard removes Bitcoin futures ETF from platform.
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Vanguard refuses to host Bitcoin ETF

Leading US asset management firm Vanguard Group has reinforced its cautious approach to cryptocurrencies by refusing to offer spot Bitcoin exchange-traded funds (ETFs) on its platform. This decision is consistent with Vanguard’s focus on traditional investment vehicles such as stocks, bonds and cash, which it believes are essential to a balanced long-term portfolio.

JUST IN: $7.7 trillion asset manager Vanguard has been laid off. #Bitcoin Futures ETFs are issued on the platform.

— Watcher.Guru (@WatcherGuru) January 12, 2024

Bitcoin futures ETF also excluded

In a further step underscoring its conservative stance, Vanguard will no longer facilitate the purchase of cryptocurrency products, including the Bitcoin Futures ETF. The move signals the company’s commitment to traditional investment strategies and its skepticism toward the burgeoning cryptocurrency market.

Wall Street division over cryptocurrency integration

Vanguard’s decision to avoid a Bitcoin ETF highlights divisions within Wall Street, where some asset managers remain wary of incorporating cryptocurrencies into their products. This gap reflects varying levels of acceptance and trust in digital assets within the financial industry.

Vanguard’s indirect cryptocurrency exposure through MicroStrategy

Despite its reluctance to participate directly in Bitcoin ETFs, Vanguard maintains exposure to the cryptocurrency market indirectly. As of September 2023, the company is a major shareholder of MicroStrategy, owning 8.24% of the company’s shares, making it the second-largest institutional investor. MicroStrategy’s heavy investment in Bitcoin connects Vanguard to the cryptocurrency market, albeit indirectly.

Customer Response and Vanguard’s Market Position

Vanguard’s latest move comes amid customer complaints reported on social media about new cryptocurrency products not being available on its platform. As the world’s second-largest asset manager with over $7.2 trillion in assets under management, Vanguard’s stance on Bitcoin ETFs reflects the broader debate underway in the financial sector over the legitimacy and prospects of digital assets. .

Precautions amid the cryptocurrency craze

Vanguard’s decision to exclude Bitcoin ETFs and futures ETFs from its platform is a significant indicator of the conservative approach still prevalent among major players in traditional finance. This highlights the continued careful evaluation and diverse acceptance of cryptocurrencies in the global financial environment.

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