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).
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”
