Decimal

Bitcoin ETF

Bitcoin

<div class="cryptonews">
 <p class="is-style-lead">Asset manager Vanguard will not allow the <a rel="noopener noreferrer nofollow" title="purchase" href="https://thebittimes.com/tag/purchase.html">purchase</a> of spot Bitcoin (BTC) ETFs on its platform.</p>
 <p>A Jan. 11 Wall Street Journal report claims Vanguard has no plans to offer new instruments on its brokerage platform because they do not match its traditional offerings.</p>
 <blockquote class="wp-block-quote">
  <p>“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 <a rel="noopener noreferrer nofollow" title="blocks" href="https://thebittimes.com/tag/blocks.html">blocks</a> of a well-balanced, long-term investment portfolio.”</p> <cite>Vanguard statement</cite>
 </blockquote>
 <p>Tony Spencer, one of Vanguard’s clients, noted that a representative told him that Vanguard does not allow the <a rel="noopener noreferrer nofollow" title="purchase" href="https://thebittimes.com/tag/purchase.html">purchase</a> of spot Bitcoin ETFs because the product is “inconsistent with Vanguard’s investment philosophy.”</p>
 <p>Spencer also claims that Vanguard only allows investors to sell Grayscale’s flagship Bitcoin product, GBTC, which recently converted into a spot ETF. Clients of investment firms Citi, Merill Lynch, Edward Jones, and UBS reported that they could also not <a rel="noopener noreferrer nofollow" title="purchase" href="https://thebittimes.com/tag/purchase.html">purchase</a> spot Bitcoin ETFs on those respective platforms.</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr">Wow. It is worse than I thought. I called and the answer I received was "Currently we aren't allowing those to be <a rel="noopener noreferrer nofollow" title="purchase" href="https://thebittimes.com/tag/purchase.html">purchase</a>d as it doesn't fit with Vanguard's investment philosophy."<br><br>Me: "Ok but you let me buy GBTC in the past."<br><br>Him: "Yes I believe you can only sell that now."</p>— Tony Spencer (@notsleepy) January 11, 2024
   </blockquote>
  </div>
 </figure>
 <p>The U.S. Securities and Exchange Commission (SEC) has officially approved the launch of the first 11 ETFs that invest directly in Bitcoin. This happened after an unidentified person gained unauthorized access to the SEC’s account on the social network X and published information about the regulator’s permission to launch such ETFs, which was later denied by the commission and deleted.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> ETF hype might trigger a Bitcoin supply shock, says Decimal founder
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/vanguard-blocks-spot-bitcoin-etf-purchases-tbt76367.html">https://thebittimes.com/vanguard-blocks-spot-bitcoin-etf-purchases-tbt76367.html</a></p>

Vanguard blocks spot Bitcoin ETF purchases

TheBitTimes

Other articles published on Jan 12, 2024

OpenAI CEO Sam Altman Ties the Knot with Aussie Partner Oliver Mulherin in Seaside Ceremony Amids...

Massive Solana Heist: CLINKSINK Drainer Campaigns Swipe Nearly $1M Worth Of SOL

Wombat Launching “Gamified Bribe Market” onboarding Animoca Games to DeFi

Insights on the Latest Trends of ARB, Solana, and DOT by Analyst Rekt Capital

Blockchain game developer SkyArk Studio raises $15m in round led by Binance Labs

Ripple is under the gun with a newly filed motion by the SEC; What’s next for XRP?

Join our free newsletter for daily crypto updates!