Fund issuer Vanguard reiterated that cryptocurrency products are not suitable for balanced and long-term investment portfolios, and indicated that it will not list Ethereum spot ETF. Another issuer, Hashdex, has withdrawn its application for an Ethereum spot ETF from the SEC.
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Vanguard reiterates that cryptocurrency assets are not suitable for “long-term investment”
Hashdex withdraws Ethereum ETF proposal
Vanguard reiterates that cryptocurrency assets are not suitable for “long-term investment”
Vanguard Group, with assets under management totaling $7.7 trillion and being the inventor of ETFs, has firmly refused to list Bitcoin ETFs despite competitors such as Fidelity and Charles Schwab offering such products since the launch of Bitcoin ETF in January this year.
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Inventor of ETFs withdraws! Vanguard withdraws from Bitcoin futures, consolidating its position on “no cryptocurrency” investment
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A spokesperson told Blockworks:
While continuously evaluating our brokerage business and new products entering the market, Ethereum spot ETF will not be listed on Vanguard. We believe that cryptocurrency products are not consistent with the asset classes we focus on, such as stocks, bonds, and cash, which Vanguard considers as the foundation of a balanced and long-term investment portfolio.
Salim Ramji, who previously led BlackRock’s ETF business and assisted in planning the Bitcoin spot ETF, will become Vanguard’s CEO in July and is believed to have the potential to change Vanguard’s stance.
However, in an interview with Barron’s in mid-May, he stated that he would seek to maintain “consistency” in the types of products and services offered by Vanguard.
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Vanguard appoints former BlackRock index investment chief as CEO, will the “no cryptocurrency” stance change?
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Hashdex withdraws Ethereum ETF proposal
Previously, it was reported that the SEC approved eight Ethereum spot ETFs on the 23rd, but Hashdex was not included. According to the withdrawal notice released by Nasdaq on the 28th, Hashdex withdrew its application on the 24th.
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Eight Ethereum spot ETFs officially approved, issuance and listing still need to wait
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For other Ethereum spot ETFs, issuers still need to wait for the effectiveness of the S-1 registration statement before trading can begin, and analysts speculate that it may take several weeks.
Withdrawal notice
Hashdex
Salim Ramji
Vanguard
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