Vanguard considers approval of crypto ETFs – strategic shift

Vanguard Group, the world’s second-largest asset manager with over USD 11 trillion in assets under management (AuM) and around 50 million clients, is for the first time considering giving its brokerage customers access to crypto ETFs.

This step would represent a radical departure from its previous stance, which categorically excluded cryptocurrencies. Until now, Vanguard was seen as one of the last major skeptics. Founder Jack Bogle once warned that investors should “avoid crypto like the plague,” while former CEO Tim Buckley stressed in 2024 that Vanguard would “never” offer a Bitcoin ETF. Even after the launch of the first US spot Bitcoin ETFs in January 2024, Vanguard denied its customers access, calling it an “immature asset with no fundamental value.”

From rejection to reassessment

Now, a policy shift seems imminent. A Vanguard spokesperson told Bloomberg that the company continuously evaluates “our brokerage offerings, investor preferences, and the evolving regulatory environment.” While proprietary crypto products are not planned, the approval of selected third-party ETFs is being considered.

A key factor is the appointment of Salim Ramji as CEO in summer 2025. Ramji previously oversaw BlackRock’s ETF business and is regarded as innovation-driven. His predecessor Tim Buckley resigned after ongoing criticism of Vanguard’s rigid crypto strategy.

This is compounded by the massive success of Bitcoin ETFs: since their launch in 2024, the products have attracted more than USD 142 billion in assets, with USD 84 billion alone flowing into BlackRock’s IBIT. The extraordinary performance and inflows of Bitcoin ETFs have significantly increased the pressure on Vanguard.

The momentum has been further fueled by the SEC’s recent approvals of altcoin ETFs, which have considerably expanded the spectrum of regulated products. With a rapidly growing supply and trading volume on exchanges, many clients feel they are being denied essential investment opportunities. This is particularly striking for a company that positions itself as a comprehensive financial services provider.

Vanguard between tradition and market pressure

If Vanguard opens the door, it would not be the first - but certainly one of the most symbolic endorsements of digital assets by a global asset manager. With more than 50 million clients, a significant volume could flow into existing crypto ETFs, further accelerating mainstream adoption.

Although Vanguard has not yet made a final decision, the debate signals a strategic turning point. A company that had previously distanced itself from crypto is now considering entry - triggered by a leadership change, the market success of competitors, and growing client demand. Should this step be taken, it could reshape the balance of power in the global ETF market and firmly anchor crypto in the mainstream.

At the same time, this potential shift shows how strong the pressure from the market and investors has become. Even traditional firms can hardly avoid digital assets anymore. How much assets under management Vanguard may have already lost due to its conservative stance is known only to the company itself. But the signal is clear: the market sets the rules. Investors expect the broadest possible range of opportunities to optimize their returns. A financial services provider that dictates which asset classes are permissible almost always ends up on the wrong side.