SCHW - Vanguard Shuns Bitcoin ETFs Faces Social Media Backlash From Crypto Enthusiasts: 'Have Fun Staying Poor' | Benzinga
Vanguard defied the crypto fever sweeping Wall Street with the first-ever U.S. spot Bitcoin (CRYPTO: BTC) ETFs by refusing to offer a fund of its own.
The investment giant, known for its conservative, long-term approach, declared bitcoin "too volatile" and refused to offer any of the new funds, sparking backlash and ridicule on X (formerly Twitter).
Vanguard's customer service representative explained that Bitcoin ETFs were considered "highly speculative" and "unregulated," which conflicts with the company's philosophy of promoting long-term investing, according to The Block.
The platform also refrains from offering other high-risk investments like leveraged ETFs.
When asked for a comment, a Vanguard spokesperson told Benzinga that the company's perspective is that these products do not align with its current offerings focused on ...