Vanguard Considers Offering Clients Access to Crypto ETFs in Potential Policy Shift

Vanguard, the world’s second-largest asset manager with more than $10 trillion under management, is weighing whether to give brokerage clients access to cryptocurrency exchange-traded funds (ETFs), according to a report from Crypto in America.

Vanguard Eyes Crypto ETF Access for Brokerage Clients

The $10 trillion mutual fund giant has stayed on the sidelines of crypto — until now.

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If confirmed, the move would represent a notable shift for the investment giant, which has long resisted digital asset products.

From Rejection to Reconsideration

When the first U.S. spot bitcoin ETFs launched in January 2024, Vanguard made headlines for refusing to offer them, citing high volatility and poor prospects for long-term returns. Even after the appointment of Salim Ramji—a former BlackRock ETF executive known for his openness to bitcoin—as CEO later that year, Vanguard maintained its stance.

At the time, Ramji stressed that the company had no plans to launch its own crypto ETFs. That position still stands, but sources suggest Vanguard may be preparing to take a middle ground: allowing its clients to access select third-party crypto ETFs while stopping short of creating its own.

“They’re being very methodical in their approach, understanding the dynamics have been changing since 2024,” the source told Crypto in America.

The timing and choice of products, however, remain undecided.

Regulatory Tailwinds

The potential shift comes as U.S. regulators under the Trump administration have not only eased restrictions on digital assets but begun actively supporting them. The Securities and Exchange Commission (SEC) recently approved new listing standards aimed at accelerating crypto ETF approvals.

Industry analysts see Vanguard’s reconsideration as pragmatic.

“Bitcoin and Ethereum ETFs are hugely popular, and Salim was one of IBIT’s midwives, so he knows,” Bloomberg ETF analyst Eric Balchunas commented on X, referring to BlackRock’s flagship bitcoin fund.

Growing Market Pressure

Despite its reluctance, Vanguard has not been immune to the crypto boom. The firm earlier this year became the largest shareholder in MicroStrategy, the software company that has transformed into a proxy bitcoin treasury. The move drew attention from the company’s co-founder, Michael Saylor, a prominent bitcoin advocate.

With 50 million investors, Vanguard serves the largest retail client base in the U.S. by a wide margin. Analysts suggest that demand from its customers—along with the surging popularity of bitcoin and ethereum ETFs—could make continued resistance difficult.

What’s Next for Vanguard?

For now, Vanguard has not announced concrete plans, and the company continues to signal it has no interest in developing in-house crypto products. But its exploration of third-party access indicates a softer stance toward digital assets than it has taken in the past.

If Vanguard proceeds, it could mark a turning point not just for the firm but for mainstream adoption of crypto investments in traditional portfolios.