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Vanguard's users reportedly threatened to leave the platform after being blocked from buying Bitcoin exchange-traded funds or ETFs. The asset manager firm's decision to prohibit the purchase of the Bitcoin ETF on its platform made many customers upset.
According to CoinTelegraph, as Vanguard blocks its users, customers are now considering closing their accounts on the platform. More and more clients are reportedly making their way to the exit door in response to the company's stance.
Vanguard Confirms It Will Not Offer Bitcoin ETF
A report from media outlets on Thursday, Jan. 11, said that Vanguard will never offer the new spot Bitcoin ETFs on its platform. The company explained that this is because the funds that hold Bitcoin for investors do not align with Vanguard's regular offerings.
"Spot Bitcoin ETFs will not be available for purchase on the Vanguard platform," the asset manager said. "We also have no plans to offer Vanguard Bitcoin ETFs or other crypto-related products. Our perspective is that these products do not align with our offer 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."
Vanguard Stops Clients From Purchasing Bitcoin ETFs
Prior to the exit threat of Vanguard users, the company already said it would not allow users to buy the new ETFs. The company's spokesperson told CoinDesk that the digital asset will not be available on the Vanguard platform. He added that the firm has no plans to add Bitcoin ETFs or other crypto-related products.
Lastly, the spokesperson shared that Vanguard is holding up its decision to block users from buying because these cryptocurrency products are not in line with Vanguard's services and asset classes that "build blocks of a well-balanced, long-term investment portfolio."
