Vanguard Weighs Crypto ETFs as Regulators Ease Rules and Rivals Race Ahead
Vanguard, the world’s second-largest asset manager with over $10 trillion in assets under management, is preparing to offer cryptocurrency exchange-traded funds (ETFs) to its brokerage platform clients for the first time. This strategic shift reflects growing investor demand for digital assets and a more accommodating regulatory environment in the U.S. [1] The firm, historically cautious on crypto, has begun consultations and laid groundwork for the move, though it has no immediate plans to launch proprietary crypto ETFs. Instead, Vanguard is evaluating whether to provide access to select third-party crypto ETFs, a decision that remains pending [2].
The firm’s approach has been described as “methodical,” aligning with evolving dynamics in the crypto market since 2024. Salim Ramji, Vanguard’s CEO, who previously led BlackRock’s successful launch of the BitcoinBTC-- ETF IBIT—which now holds over $80 billion in assets—has emphasized the company’s focus on regulatory clarity and client needs. While Ramji has ruled out replicating competitors’ strategies by launching in-house crypto ETFs, he has not confirmed whether the platform will facilitate third-party options [2]. This cautious stance contrasts with rivals like Fidelity and Charles SchwabSCHW--, who have already integrated crypto offerings [3].
The broader market context underscores the significance of Vanguard’s potential move. The U.S. Securities and Exchange Commission (SEC) streamlined approval processes for crypto ETFs in late 2024, reducing review times from up to 270 days to under 75 days. This regulatory shift has spurred a surge in filings, with firms targeting a wave of new ETFs tied to assets like SolanaSOL-- and XRPXRP--. Grayscale’s recent launch of a multi-coin ETF, covering Bitcoin, EthereumETH--, XRP, and others, exemplifies the expanding product landscape [4]. Analysts predict the fourth quarter of 2025 will see a “boom” in crypto ETF launches, with firms racing to capitalize on the streamlined framework [4].
Vanguard’s entry into the crypto ETF space aligns with a broader institutional adoption trend. Institutional investors now hold over 410,000 Bitcoin through ETFs, a 33% increase in institutional ownership compared to earlier 2025. This growth reflects a conservative estimate, as only institutions with $100 million in assets under management are required to report holdings . BlackRock’s IBIT remains the dominant player, but competition is intensifying as firms like Grayscale and Bitwise enter the market. Vanguard’s platform could further democratize access, given its extensive client base and reputation for low-cost, regulated investment vehicles [1].
The move also highlights the SEC’s evolving stance on crypto. Under the Trump administration, the agency approved new listing standards that eliminate case-by-case reviews for crypto ETFs meeting predefined criteria. These rules, effective in 2024, have lowered barriers to entry, enabling faster product launches and fostering innovation. For Vanguard, a traditionally conservative firm, even limited access to crypto ETFs would mark a pivotal shift in strategy, signaling broader acceptance of digital assets in mainstream finance [3].
Industry observers note that Vanguard’s decision could influence market dynamics. By offering third-party crypto ETFs, the firm may amplify demand for regulated products while setting a precedent for other asset managers. However, challenges remain, including investor education on lesser-known cryptocurrencies and the potential oversaturation of ETF options. As the market matures, Vanguard’s approach—prioritizing regulatory compliance and client demand—could serve as a model for balancing innovation with risk management [4].
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