As spot Bitcoin fund trading began trading for the first time in the United States, users with brokerage accounts with Vanguard were unable to participate.
When reached by phone Thursday, a day after the Securities and Exchange Commission approved 11 spot funds, a Vanguard customer service representative said Bitcoin ETFs would not be available on the platform because they were “highly speculative,” “unregulated,” and unsuitable. I said no. With the company’s long-term investment philosophy, officials noted that the platform does not allow other types of investments, such as leveraged ETFs.
A company spokesperson confirmed that spot Bitcoin funds are not available on the platform.
“We also have no plans to offer Vanguard. Bitcoin BTC
+0.46%
Customers who attempted to purchase BlackRock’s IBIT stock were told that the transaction could not be completed, and the website said: “A number of variables may prevent you from purchasing securities from Vanguard, including regulatory restrictions, corporate activity, or various transactions and/or transactions.” Payment restrictions.”
This was in contrast to other brokerage firms such as Charles Schwab and Fidelity, which allowed users with brokerage accounts to purchase spot Bitcoin ETFs. Users looking to buy stocks on the Fidelity platform were reminded that the investments were made under a ‘designated investment agreement’, which recognizes experienced investors with a high tolerance for risk.
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About the author
Nathan Crooks is the US editor-in-chief of The Block, based in Miami. He previously worked at Bloomberg News for 12 years, serving as breaking news editor and bureau chief in Caracas, Venezuela, before leading South Florida coverage. He has interviewed presidents, government ministers, and CEOs, and in addition to cryptocurrencies, he has covered major news events in the field ranging from earthquakes, hurricanes, and the 2018 Chilean mine rescue. A native of Clarion, Pennsylvania, Nathan earned his bachelor’s degree from the university. He earned a specialist degree in political science from Toronto and an MBA from the American University in Washington, DC.
Sarah is a reporter for The Block covering policy, regulation and legal events. Sarah was previously a reporter writing about securities regulation at CQ Legal, where she first began her reporting on cryptocurrencies. She Sarah has also written for The Bond Buyer and American Banker, among other financial publications. She graduated from the University of Missouri with a degree in Print and Digital Journalism. Sarah lives in Washington, DC and she is an avid coffee lover. You can follow her on Twitter @ForTheWynn.