Overview
- Vanguard now permits its 50 million brokerage clients to buy and hold spot crypto ETFs and related funds from outside providers.
- Global quant head John Ameriks likened Bitcoin to a collectible plush toy, saying it lacks income, compounding, and cash-flow traits.
- The firm will not launch its own crypto ETFs and will refrain from advising clients on whether to buy, sell, or which tokens to hold.
- Vanguard says the access change followed client demand and evidence that spot-ETF structures held up and stayed liquid during volatility.
- Bitcoin recently traded near $90,000 after highs above $126,000 in October, providing a volatile backdrop to the policy shift.