Another day, another massive financial institution embraces crypto. This time it’s Vanguard, the world’s second-largest asset management firm. Starting on Tuesday, Bloomberg reports, the brokerage—which long took the position that crypto is not a suitable investment for its clients—will begin listing crypto ETFs and mutual funds, including those for Bitcoin, Ether, Solana, and XRP.
Vanguard has about $11 trillion in assets and more than 50 million customers. The move means that investors of all kinds can now buy and sell crypto ETFs.
The firm has, historically, not been shy about its distaste for crypto. When Bitcoin ETFs launched in the U.S. last year, Vanguard’s CEO said that he didn’t believe they belonged in a long-term portfolio.
But given crypto ETFs’ success in the last couple of years, the brokerage could no longer pass up on the opportunity. In late October, several ETFs from smaller cryptocurrencies, like Solana and Hedera, launched on other brokerages. One of those ETFs, the Bitwise Solana Staking ETF (BSOL), had the best ETF launch of 2025 of any asset class, according to Eric Balchunas of Bloomberg Intelligence.
Crypto ETFs have seen massive amounts of trading volume since the first ones launched in 2024. That year, BlackRock’s iShares Bitcoin Trust ETF (IBIT), and its Ethereum fund (ETHA) set record inflows. Currently, iBit is holding around $66 billion worth of Bitcoin on behalf of its customers.
The crypto industry has fought for ETFs since at least 2013, when Cameron and Tyler Winklevoss sought approval for a spot Bitcoin ETF. After years of rejection from the Securities and Exchange Commission, the doors have now flown open for crypto funds.
Vanguard’s bet on crypto ETFs comes at a time when major cryptocurrencies are sputtering. Since its high of roughly $126,000 in early October, Bitcoin is down about 28% to its current price of roughly $91,000. Ethereum and Solana are down 22% and 24% to their current prices of $2,993 and $140, respectively.