Ethereum
Like Bitcoin, Vanguard Has a Clear NO for Spot Ethereum ETFs
Vanguard Group, one of the largest investment advisors in the United States, has clearly distanced itself from the crypto world, saying it is not a mature asset class. After refusing to join its peers in offering a spot Bitcoin ETF, Vanguard Group took a similar stance for the Ethereum Spot ETF.
Vanguard Won’t Offer Spot Ethereum ETF
In a clear message, a Vanguard Group spokesperson told Blockworks: “While we continually evaluate our brokerage activities [offering] and evaluate new product entries into the market, spot ether ETFs will not be available for purchase on the Vanguard platform.”
The statement comes a week after the U.S. Securities and Exchange Commission (SEC) approved issuers’ 19b-4 filings. Note that for Ether spot ETFs to come online for trading, the securities regulator must still clear fund issuers’ S-1 registration statements before planning to launch the planned products. Wednesday May 29 black rock submitted its revised S-1 application.
Note that the US SEC approval process can take several weeks, with most expected to arrive by July 4. Speaking on its clear stance on digital assets, a Vanguard spokesperson said
:
“We believe that cryptocurrency products do not meet our expectations. [offerings] focused on asset classes such as stocks, bonds and cash, which Vanguard considers the building blocks of a well-balanced long-term investment portfolio.”
On the other hand, Vanguard rival BlackRock became the provider of the largest Bitcoin fund with its IBITBitcoin ETF
. Earlier this month, former BlackRock executive Salim Ramji, who was instrumental in the IBIT ETF, joined Vanguard as CEO. He added, however, that it would remain consistent with Vanguad’s product and service offerings.
Spot Ether ETF, an electoral problem
Cathie Wood, CEO of ARK Invest, said the approval of the Ethereum spot ETF is becoming an important election issue. Initially, several market analysts believed the ETF would not gain SEC approval. Wood also indicated that while a Solana ETF could receive approval, memecoin-focused ETFs are unlikely to gain regulatory approval.