Alike Bitcoin, Vanguard Has A Clear NO For Spot Ethereum ETFs

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Vanguard Group, one of the largest investment advisors in America has clearly distanced itself from the crypto world saying that it’s not a mature asset class. After refusing to join its peers in offering a spot Bitcoin ETF, the Vanguard Group has taken a similar stand for the spot Ethereum ETF.

Vanguard Won’t Offer Spot Ethereum ETFs

In a clear-worded message, a spokesperson belonging to the Vanguard Group Told Blockworks: “While we continuously evaluate our brokerage [offering] and evaluate new product entries to the market, spot ether ETFs will not be available for purchase on the Vanguard platform”.

The statement comes a week after the U.S. Securities and Exchange Commission (SEC) approved the 19b-4 filings from the issuers. Note that for the spot Ether ETFs to go live for trading, the securities regulator still needs to clear the S-1 registration statements from fund issuers before planning the launch of the planned products. On Wednesday, May 29, BlackRock submitted its revised S-1 application.

Note that the approval process by the US SEC can take several weeks from now with most of them expecting the arrival by the 4th of July. Speaking on their clear stand on digital assets, a Vanguard spokesperson said:

“We believe that cryptocurrency products are not aligned with our [offerings] focused on asset classes such as equities, bonds, and cash, which Vanguard views as the building blocks of a well-balanced, long-term investment portfolio”.

On the other hand, Vanguard’s rival BlackRock has emerged as the provider of the largest Bitcoin fund with its IBIT Bitcoin ETF. Earlier this month, ex-BlackRock executive Salim Ramji, who was instrumental behind the IBIT ETF joined Vanguard as the CEO. However, he added that he would stay consistent with Vanguad’s products and services offerings.

Spot Ether ETF An Election Issue

Cathie Wood, CEO of ARK Invest, has stated that the approval of the Ethereum spot ETF is becoming a significant election issue. Initially, several market analysts believed the ETF wouldn’t get the SEC approval. Wood also indicated that while a Solana ETF could receive approval, ETFs focused on memecoins are unlikely to gain regulatory endorsement.

The post Alike Bitcoin, Vanguard Has A Clear NO For Spot Ethereum ETFs appeared first on CoinGape.

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