Still a no: Vanguard shoots down prospect of platforming ETH ETFs

Crypto products don’t fit in “a well-balanced, long-term investment portfolio,” Vanguard reiterates ahead of potential ether fund launches

article-image

Poetra.RH/Shutterstock modified by Blockworks

share

Anyone paying attention to the launch of spot bitcoin ETFs probably knows how Vanguard feels about such products.

If you thought the financial services giant might view ether differently — or evolve their stance — you can keep thinking.

“While we continuously evaluate our brokerage [offering] and evaluate new product entries to the market, spot ether ETFs will not be available for purchase on the Vanguard platform,” a company spokesperson told Blockworks. 

The clarity comes after the Securities and Exchange Commission last week approved 19b-4 proposals by exchanges looking to list spot ETH funds. The regulator still has to sign off on registration statements from the fund issuers themselves before the planned products can launch — a process industry watchers expect to take several weeks or months

Vanguard’s stance, for many, reflects a likely unsurprising doubling down.

The company, with roughly $7.7 trillion assets under management, did not allow spot bitcoin ETFs to trade on its platform when those hit the market in January. This decision came despite competing brokerages — like Fidelity and Charles Schwab — offering such products.

Read more: As spot bitcoin ETF volumes soar, Vanguard is blocking such trades

“We believe that cryptocurrency products are not aligned with our [offerings] focused on asset classes such as equities, bonds, and cash, which Vanguard views as the building blocks of a well-balanced, long-term investment portfolio,” the representative reiterated this week.

Vanguard’s steady stance on the segment comes even amid ramped-up bipartisan support of legislation deemed pro-crypto. 

BlackRock, one of Vanguard’s chief asset management rivals, offers a bitcoin fund that has grown to nearly $20 billion in assets. Spot ether ETFs are not expected to see as much volume or flows as the BTC offerings. 

Salim Ramji, who formerly led BlackRock’s ETF business, is set to become Vanguard’s CEO in July. 

Read more: Yes, Vanguard’s new CEO supported BlackRock’s bitcoin ETF launch

The executive helped prep the planned spot bitcoin ETF that the SEC would ultimately launch in January. 

Though Ramji had touted how such a product offers improved access to a new asset class, he noted in an interview with Barron’s that he would look to keep “consistency” in terms of the types of products and services Vanguard offers.  

Ric Edelman, founder of the Digital Assets Council of Financial Professionals, told Blockworks he believes Vanguard will one day launch a bitcoin ETF and offer the products on its platform.

“From a purely business perspective, it’s foolish not to,” he added. “And Salim is not foolish.”


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.jpg

Research

Figure, founded by former SoFi CEO Mike Cagney, has emerged as a leader in onchain RWAs, with ~$17.5B publicly tokenized. The platform’s ecosystem volume is growing ~40% YoY as it expands beyond HELOCs into student loans, DSCR loans, unsecured loans, bankruptcy claims, and more. Operationally, Figure cuts average loan production cost by ~93% and compresses median funding time from ~42 days to ~10, creating a durable speed-and-cost advantage.

article-image

The new stBTC token redistributes Bitcoin gas fees to users, creating liquid yield without inflation or lockups

by Blockworks /
article-image

The reserve will collect protocol revenues to back W token, alongside new yield and unlock schedule

by Blockworks /
article-image

Layer 2 network Taiko integrates Chainlink Data Streams to deliver reliable onchain market data for DeFi and institutions

by Blockworks /
article-image

The license will allow Bullish to operate in New York under strict digital asset rules

by Blockworks /
article-image

The derivatives giant expands crypto offerings with new Solana and XRP futures options, pending regulatory review

by Blockworks /
article-image

Nasdaq-listed firm to fund Solana token purchases and expand its blockchain-focused treasury strategy

by Blockworks /