Vanguard, other tradfi giants boycott spot Bitcoin ETFs
Financial institutions like Vanguard have no plans to allow spot Bitcoin ETF trading despite approval from the U.S. SEC. While trading for spot Bitcoin ETFs opened on Jan. 11 across major U.S. exchanges like the Nasdaq and platforms such as Robinhood plan to swiftly add support for these products, some firms have reportedly blocked users from trading them. Vanguard, the second-largest asset manager after BlackRock, reportedly said spot Bitcoin ETFs do not align with the company’s investment philosophy. In addition to not enabling trading for the newly approved products, Vanguard disabled the buying of Grayscale’s GBTC shares on its platform, according to several users on X. I can confirm, I'm still holding my GBTC from 3+ years ago and I can only sell. I cannot add to my position or exchange my GBTC for one of the newer lower cost ETFs. BUT DON'T WORRY, I CAN STILL BUY THE PAPER FUTURES ETFS LIKE $BITO. WTF? DO BETTER @Vanguard_Group — NewWage Crypto (@Ne...