Vanguard doubles down on anti-Bitcoin stance, pulls support for BTC futures ETFs

• Vanguard has stated that it will be terminating support for all crypto products
• The investment management giant had earlier said it will not support the purchase of spot Bitcoin ETFs

America’s second largest investment management firm – Vanguard has taken an extra mile on its anti-Bitcoin (BTC) stance. In the latest development, the company has taken down its support for Bitcoin Futures ETFs, along with terminating purchasing of all other crypto products.

The company disclosed the information to Axios, stating, “In addition to spot Bitcoin ETFs not being available for purchase on the Vanguard platform, effective immediately, Vanguard will no longer accept the purchase of cryptocurrency products, including Bitcoin futures ETFs.” The firm further said,

“This change allows us to focus on offering a core set of products and services consistent with our commitment to serve the needs of long-term investors”

Vanguard closes all doors for Bitcoin

Notably, the announcement comes days after Vanguard stated that it would not allow the purchase of spot Bitcoin ETFs on its platform. The spot Bitcoin ETFs went live on 11th January, the same day Vanguard revealed it would have no part in the party.

The move had taken the crypto space by surprise. This was particularly the case given that Blackrock – the largest American investment management firm – actively rallied to get an approval for a spot Bitcoin ETF. Blackrock was among the 11 companies that had its applications approved by the United States Securities and Exchanges Commission (SEC).

In an interview with Wall Street Journal, Vanguard had stated “products do not align with our offer focused on asset classes.” Notably, the company has been quite infamous for its anti-crypto stance. In September 2021, it had published an entire article on its take on cryptocurrencies. The post concluded they believe cryptocurrencies’ “long-term investment case is weak”.

Subsequently, while spot Bitcoin ETFs have been a product the market has awaited for years, the excitement for the same has not quite reflected on the price of the coin. According to CoinMarketCap, BTC was trading at $42,618 with a market cap of £835 billion. The coin has seen a price slump of over 7 percent in the past 24 hours, while the seven-day chart showed a fall of over 3 percent.