Vanguard CEO Salim Ramji ruled out crypto ETFs on its platform in August, but consistent demand for crypto has seemingly changed his firm’s tune.
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Vanguard, the second-largest asset manager in the world, is set to allow its clients to start trading crypto exchange-traded funds and mutual funds on its platform starting Tuesday, reversing its previous stance on digital asset ETFs.
Spurred by persistent retail and institutional demand, Vanguard will permit and mutual funds similar to how the firm treats gold, a Vanguard spokesperson confirmed to Cointelegraph in a statement.
Bloomberg reported that only ETFs that meet regulatory standards will be included, such as Bitcoin (), Ether (), XRP () and Solana ()-related ETFs.
The investment manager told Cointelegraph it has ruled out memecoins as well as creating its own crypto ETFs and mutual funds.
“We serve millions of investors who have diverse needs and risk profiles, and we aim to provide a brokerage trading platform that gives our brokerage clients the ability to invest in products they choose,” the Vanguard spokesperson said.
Vanguard is second only to BlackRock as an asset manager, with over $11 trillion in global assets under management as of January, according to the company’s latest report.
Vanguard had ruled out crypto ETFs due to volatility concerns
Vanguard was previously against offering crypto ETFs on its platform, volatility and the speculative nature of the assets.
Its former CEO, Tim Buckley, , saying in a May 2024 video that the company doesn’t “believe it belongs, like a Bitcoin ETF belongs in a long-term portfolio of someone saving for their retirement. It’s a speculative asset.”
Buckley he was stepping down as CEO in February 2024 and retired at the end of that year.
Salim Ramji, the former head of BlackRock’s global ETF business, who succeeded Buckley as CEO of Vanguard, had also .
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Change of heart could open the crypto floodgates
Some X users speculate that Vanguard’s policy shift could open the floodgates to new investors and spike crypto prices. Crypto analyst and investor Nilesh Rohilla he would be surprised if Bitcoin doesn’t jump “5% in this news in the next 24 hrs.”
X user BankXRP it “is another massive signal that traditional finance is fully stepping into digital assets. The wall of money is lining up.”
Meanwhile, Vivek Sen, the founder of Bitcoin public relations firm Bitgrow Lab, also there are “trillions incoming.”
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