Vanguard, the world’s second-largest asset manager with over $10 trillion in assets under management (AUM), is reportedly considering a major policy reversal by potentially granting its US brokerage clients access to select third-party cryptocurrency exchange-traded funds (ETFs). According to a September 26, 2025, report from Crypto in America, the firm has initiated internal groundwork and external discussions to facilitate this access, driven by growing client demand and a more favorable regulatory landscape under the Trump administration. For investors, financial advisors, and crypto enthusiasts searching Vanguard crypto ETF access, Vanguard policy reversal 2025, or institutional crypto adoption, this potential pivot—while not involving Vanguard launching its own products—could open the doors to digital assets for its 50 million retail clients, marking a seismic shift from its long-held skepticism toward speculative investments.
Vanguard’s CEO Salim Ramji, a former BlackRock executive who oversaw the launch of that firm’s wildly successful Bitcoin ETF, has fueled speculation but reiterated no plans for proprietary crypto products. The exploratory talks, however, suggest a pragmatic response to client pressure and regulatory tailwinds, including the SEC’s new generic listing standards for crypto ETFs.
Historical Stance: Vanguard’s Long Resistance to Crypto
Vanguard has been one of the most vocal critics of cryptocurrency investments, famously blocking client access to spot Bitcoin ETFs upon their January 2024 launch, citing their high volatility and misalignment with the firm’s philosophy of long-term, low-cost investing in traditional assets. Founder John Bogle’s legacy of index funds and cost efficiency has long steered Vanguard away from “speculative” assets like crypto, but the success of competitors—BlackRock’s IBIT alone attracting $60 billion in inflows—has pressured a rethink. Ramji, who joined Vanguard in July 2024 after leading BlackRock’s ETF business, has publicly maintained the firm’s stance against launching its own crypto products but left the door open for third-party access.
The Exploratory Talks: Third-Party Access Without Proprietary Products
Vanguard’s considerations focus on enabling clients to buy select third-party crypto ETFs through its brokerage platform, rather than launching in-house products like BlackRock’s IBIT. Sources familiar with the matter indicate internal groundwork and external discussions are underway, though no timeline or specific ETFs have been confirmed. The firm remains committed to its core philosophy of low-cost, long-term investing, but recognizes evolving client needs in a regulatory environment that has greenlit over 20 crypto ETFs since 2024.
| Vanguard’s Crypto Timeline | Stance/Event | Details |
|---|---|---|
| Jan 2024 | Blocks Bitcoin ETFs | Cites Volatility and Speculation |
| Jul 2024 | Appoints Ramji | Former BlackRock ETF Lead |
| Aug 2024 | No Proprietary Plans | Ramji Confirms Focus on Third-Party |
| Sep 2025 | Exploratory Talks | Access to Select Third-Party ETFs |
Implications: A Cautious Entry into Crypto for Vanguard’s Clients
If realized, this change could democratize crypto exposure for Vanguard’s 50 million retail investors, who have long clamored for digital asset options despite the firm’s resistance. Competitors like Fidelity and Charles Schwab already offer crypto ETFs, and Morgan Stanley’s E*Trade plans direct trading of Bitcoin, Ethereum, and Solana by 2026. The SEC’s new generic listing standards have accelerated ETF approvals, making it easier for firms like Vanguard to incorporate them.
- Client Demand: Retail investors have pushed for crypto options, with ETF inflows totaling $74 billion since 2024.
- Regulatory Tailwinds: Trump’s administration has eased SEC pressure, fostering innovation.
- Competitive Pressure: BlackRock’s IBIT, with $60 billion inflows, exemplifies the opportunity Vanguard risks missing.
Conclusion: Vanguard’s Cautious Pivot to Crypto
Vanguard’s exploration of crypto ETF access for its brokerage clients represents a pragmatic evolution from its staunch anti-crypto stance, driven by regulatory progress and client demands. While no deal is imminent, the shift could unlock billions in inflows for the firm. For conservative investors, it’s a welcome thaw; for crypto advocates, a long-awaited victory. Will Vanguard “bend the knee” fully? The talks continue. cryptoslate
