Many investors are learning that even though Bitcoin exchange-traded funds (ETFs) have been approved by US regulators, they are not necessarily accessible for trading through all brokerages.
Vanguard Group Inc. has decided not to offer trading in ETFs that directly invest in Bitcoin, as confirmed by a company spokesperson. Meanwhile, Bank of America Corp.'s Merrill Edge is still considering whether to provide this service, according to an insider who preferred to remain anonymous.
This decision comes despite the recent US regulatory approval of nearly a dozen Bitcoin ETFs, a move that had been long awaited and led to a spike in demand. Although these products have the green light from regulators, individual firms still have the discretion to offer trading in these Bitcoin-linked ETFs, and some may hesitate due to the volatility of the asset class.
Vanguard has stated explicitly that it will not include spot Bitcoin ETFs in its brokerage offerings and does not plan to introduce any Bitcoin ETFs or other crypto-related products. "While we continuously evaluate our brokerage offer and new products entering the market, our current focus is on traditional asset classes like equities, bonds, and cash, which we believe are the foundation of a well-balanced, long-term investment portfolio," a Vanguard spokesperson explained via email.
On the other hand, Merrill chose not to comment on the matter.
