Vanguard, the largest index fund in the United States, has chosen not to offer Bitcoin spot ETF trading, which has sparked strong backlash in the community. Many key opinion leaders (KOLs) have closed their accounts with Vanguard and transferred their funds elsewhere.
The official trading of Bitcoin spot ETF in the United States began on the evening of the 11th. However, Vanguard, the largest index fund in the United States with asset management scale second only to BlackRock, has chosen not to provide Bitcoin spot ETF trading services to its clients.
The client services department of Vanguard explained this decision as follows:
This move has sparked strong reactions in the community, with many KOLs who support Bitcoin spot ETF choosing to close their accounts with Vanguard and turn to other competitors that provide this trading service.
Neil Jacobs, co-founder of FOMO21Shop, took such action and expressed disappointment with Vanguard’s decision. Similarly, Apollo’s CEO also stated that he would transfer his retirement account from Vanguard to Fidelity and urged others to “close the account and withdraw” if their brokers block Bitcoin ETF trading.
CNBC’s crypto trader Ran Neuner also pointed out this trend, saying, “When investors realize they cannot buy Bitcoin, they turn from Vanguard to Fidelity.”
In response, Polygon CEO Marc Boiron joined the community’s call this morning, stating:
In addition to Vanguard prohibiting Bitcoin spot ETF trading, Merrill Lynch has also taken the same stance, which has also sparked the cryptocurrency community’s boycott of Merrill Lynch.
Rip VanWinkle, a director at Swan Media who previously worked at Merrill Lynch, shared his experience, pointing out that he and his Merrill Lynch colleagues often referred to the compliance department as the “business obstructing department” because it frequently restricts the advancement of new businesses, just like now with the ban on Bitcoin spot ETF trading.
VanWinkle criticized these companies’ strategies and wondered how long they would persist before opening up Bitcoin spot ETF trading. He believes:
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