TLDR
- Vanguard, with $11.6 trillion in assets, reverses its policy regarding BTC, ETH, XRP, and SOL ETFs.
- The decision is attributed to the new CEO and the growing maturity and liquidity of the crypto market.
- The firm will adopt a selective distribution approach without developing its own crypto products.
A dramatic shift in the policies of Vanguard Group. The world’s second-largest asset manager has ended its two-year ban on trading regulated investment products related to the crypto ecosystem. The end of the blockade allows more than 50 million brokerage clients to access mutual funds and ETFs that hold Bitcoin, XRP, Solana, and Ethereum.
Vanguard’s decision, with $11.6 trillion in assets under management as of September 2025, is a powerful endorsement of the crypto market, even as the sector experiences turbulent periods of extreme volatility. The change in stance follows the appointment of Salim Ramji as CEO in July 2024, a key figure who previously oversaw the successful launch of BlackRock’s IBIT Bitcoin ETF.
The change in leadership enabled a strategic adjustment for the firm, which is now catching up with competitors like Fidelity and Charles Schwab, which had already opened their platforms to these products—a factor that contributed to client attrition at Vanguard.
Vanguard Opens Crypto ETF Trading Strategy: Selective Distribution
While the move signals greater institutional acceptance, Vanguard’s approach remains notably conservative and true to its core philosophy. The company confirmed it will not launch its own crypto products and will continue to focus on passive, ultra-low-cost strategies. The approval is limited to regulated funds for BTC, ETH, XRP, and SOL; the latter two being the most recent to receive the SEC’s green light in October and November 2025, respectively.
This selective distribution strategy, which also includes blocking funds linked to memecoins, is a pragmatic response to market pressures. Vanguard’s Head of Brokerage, Andrew Kadjeski, justified the pivot by citing the “growing maturity of the market” and improved fund settlement, which contrasts with the previous management’s stance that deemed Bitcoin unsuitable for long-term retirement planning.
The announcement of the end of the blockade comes at a particular market moment: it occurs while Bitcoin is trading 32% below its October high of $126,000, and after spot Bitcoin ETFs recorded their largest monthly outflows ($3.5 billion) in November.
Despite the volatility, Bloomberg Intelligence estimates that a 5% adoption rate among Vanguard customers could generate between $15 billion and $25 billion in new inflows, confirming the institutional importance of the end of Vanguard’s blockade.
In summary, the decision is a pragmatic adjustment to maintain strategic relevance in a rapidly evolving financial landscape.
