Vanguard Reportedly Reconsidering Bitcoin ETF Ban on Platform

Vanguard might be softening its stance on crypto. The fund manager, which has blocked Bitcoin ETF trading on its brokerage platform.

Written by: Sophia Cruz • Tuesday, October 14, 2025 • 2 min read

• Last updated: Tuesday, October 14, 2025

Quick overview

Vanguard may be reconsidering its ban on Bitcoin ETF trading amid growing investor pressure and significant market demand.
Spot Bitcoin and Ethereum ETFs have attracted nearly $200 billion since their launch in early 2024, highlighting the mainstream acceptance of these assets.
If Vanguard allows Bitcoin ETF trading, it would represent a major shift in policy for the traditionally conservative firm.
New CEO Salim Ramji has not ruled out offering third-party Bitcoin ETFs, despite previously stating a preference for cash-flow-generating investments.

Vanguard might be softening its stance on crypto. The fund manager, which has blocked Bitcoin ETF trading on its brokerage platform, could be rethinking that position according to recent reports. Spot Bitcoin and Ethereum ETFs have pulled in nearly $200 billion since launching in early 2024.

BlackRock and Fidelity are already cashing in on crypto demand. Vanguard may be looking to grab its own share. Investors have been pushing the company hard to allow Bitcoin ETF trading, and that pressure seems to be building.

If Vanguard approves Bitcoin ETF trading, it would mark one of the biggest policy reversals for the traditionally conservative firm in decades. It would also acknowledge that digital assets aren’t just a fad anymore.

Vanguard has built its reputation on conservative investing. Jack Bogle’s approach of steady, low-cost, long-term strategies runs through everything the company does. Vanguard’s take on Bitcoin? It has no real value, can’t be priced like normal assets, and doesn’t produce any income. That’s why the firm banned Bitcoin ETFs from its platform.

But markets change. Just because Bitcoin doesn’t fit Bogle’s vision doesn’t mean Vanguard needs to keep investors from accessing third-party products.

The biggest success stories are BlackRock’s iShares Bitcoin ETF and Fidelity’s Wise Origin Bitcoin ETF. BlackRock’s fund is approaching $100 billion in assets. Fidelity’s has captured $25 billion. Those numbers prove Bitcoin ETFs have gone mainstream.

The SEC gave spot Bitcoin ETFs the green light in January 2024. Before that, futures-based versions couldn’t track prices well. Since then, major providers like BlackRock, Fidelity, Grayscale, VanEck, and ARK have all launched Bitcoin ETFs. Vanguard is the only major player that stayed completely out.

Earlier this year, new Vanguard CEO Salim Ramji said the company had no interest in launching its own crypto ETF. He emphasized Vanguard prefers investments that deliver cash flow. But he didn’t shut the door on offering third-party Bitcoin ETFs.

Ramji actually helped bring BlackRock’s Bitcoin ETF to market during his time there. The numbers are clear: billions are flowing into Bitcoin ETFs in 2025. Allowing third-party products would let Vanguard capture that demand without launching their own fund.

There’s no official confirmation yet, but the chatter is getting louder.

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ABOUT THE AUTHOR See More

Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.