Vanguard, one of the world's largest asset managers, has begun allowing customers to trade cryptocurrency exchange-traded funds (ETFs) on its brokerage platform.
This is a major reversal for Vanguard, which has $11 trillion U.S. of assets under management. The company said it will now support most crypto ETFs that meet regulatory compliance.
Privately held Vanguard said it plans to treat cryptocurrency ETFs similar to the treatment of gold and other niche asset class ETFs.
However, funds tied to meme coins or unsupported by the U.S. Securities and Exchange Commission (SEC) will remain barred from Vanguard, said the company.
The firm added that it has no current plans to launch its own cryptocurrency products.
The move gives Vanguard's 50 million global clients access to regulated cryptocurrency funds like those from rival asset manager BlackRock (BLK).
Crypto ETFs have become a popular investment vehicle for investors who want to gain exposure to digital assets.
About a dozen spot Bitcoin (BTC) ETFs have attracted $120 billion U.S. of assets under management since launching in January 2024.
Bitcoin is currently trading at $87,250 U.S., having declined 7% this year.
