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- Vanguard is preparing to open its brokerage platform to crypto ETFs and has reportedly already begun setting the stage.
- Although the company has yet to reveal a timeline, the industry views Vanguard’s entry as inevitable, more a matter of “when” than “if.”
Vanguard, the $10 trillion asset management giant, is reportedly laying the groundwork to let its brokerage clients access third-party crypto Exchange Traded Funds (ETFs). The move, first reported on Sept. 26 by Crypto in America journalist Eleanor Terrett, would mark a sharp shift from Vanguard’s traditionally cautious stance on digital assets.
The company did not launch its own Bitcoin (BTC) or Ethereum (ETH) funds, and for years, it maintained distance from speculative assets relative to peers like Fidelity or BlackRock. According to the report, Vanguard is engaging in internal discussions and external consultations to explore how to permit clients to trade select crypto ETFs on its platform.
For now, Vanguard’s focus is on giving clients access to existing, third-party funds, most likely the large, liquid, and relatively lower-risk products tied to Bitcoin or Ethereum, rather than the more exotic, speculative options. Industry watchers expect Vanguard to take a cautious, phased approach: opening access first to select client groups or account types before expanding more broadly.
To protect both investors and its reputation, the firm will almost certainly pair the rollout with strong risk disclosures, educational resources, and guardrails like limits or liquidity rules. Nate Geraci of The ETF Store has noted that many have long expected Vanguard to eventually feel the pull of crypto’s influence.
In a July post on X, Nate stated, “Wild that Vanguard *still* blocking spot crypto ETFs on their brokerage platform.” Commenting on the Terrett news report, he remarked, “It was a matter of time.”
What’s Nudging Vanguard
On the one hand, client demand is growing, as both retail and institutional investors have been requesting digital asset exposure. The strong performance of Bitcoin and Ethereum ETFs has only amplified this pressure.
Under President Donald Trump’s administration, the Securities and Exchange Commission (SEC) adopted listing standards designed to speed up crypto ETF approvals, while the CFTC is working in parallel to bring clearer rules to the space, with both agencies set to host a joint roundtable on regulatory harmonization.
At the same time, Vanguard’s rivals are already enjoying success with their own crypto-linked offerings, making it harder for the firm to sit on the sidelines without risking competitive disadvantage.
Leadership may also play a role in Vanguard’s change. The firm’s CEO, Salim Ramji, previously helped spearhead BlackRock’s Bitcoin ETF efforts, a product that has pulled in more than $60 billion in net inflows since launching in January 2024 and now manages over $80 billion in assets.
That track record, along with the strong uptake of Ethereum spot ETFs in the U.S., which collectively hold about $25.6 billion in assets, suggests Ramji brings a fresh perspective and a willingness to broaden Vanguard’s reach into new categories. If Vanguard does move forward, it could be a big win for investors who prefer the platform but want regulated crypto exposure without turning to more crypto-native brokerages.
Vanguard’s success will hinge on execution. It will need to manage the risks carefully, from volatility to compliance, while keeping the rollout broad enough to satisfy demand. If access ends up feeling too limited or restrictive, clients might end up disappointed rather than empowered.
