One of the biggest asset managers in the world, Vanguard, is prohibiting clients from purchasing the recently authorized bitcoin exchange-traded funds.
An error message stating that “trade cannot be completed” was displayed while attempting to invest using a Vanguard retirement brokerage account in either Grayscale Bitcoin Trust (GBTC) or BlackRock’s iShares Bitcoin Trust (IBIT).
![Vanguard Blocks Bitcoin ETF Purchases for Client](https://www.cryptotimes.io/wp-content/uploads/2024/02/ad165eC4iKo48hIXDrX3vSXLv2RCSKytzWDUKQ-Jc-suuvycqJqY9v-nSHVQyNjGOuaDFPe-uf3TIKivxQk5wL_9pofI2sN3cn1gDCb3OnL7Pod2pqEigjRT_mxMuZYLrtoNvcphydlRung8wFljA2w.png)
The warning stated, “Buy orders are not currently accepted for this security. Securities may be unavailable for purchase at Vanguard due to a number of variables including regulatory restrictions, corporate actions, or various trading and/or settlement limitations.”
Vanguard’s lack of friendliness stands in stark contrast to several of its biggest competitors, such as BlackRock, Fidelity, and Invesco, who have all developed bitcoin exchange-traded funds (ETFs) that began trading on Thursday.
On Wednesday, they were granted authorization to do so by the US Securities and Exchange Commission. A representative for Vanguard stated that due to the significant volatility of bitcoin ETFs, Vanguard does not intend to allow their purchase.
Also Read: Vanguard CEO says, “We Won’t Be Pursuing a Bitcoin ETF”