Vanguard Reverses Course: Clients Can Now Trade Crypto ETFs Like Bitcoin, XRP, and Solana Starting This Week

Vanguard Group, the world’s second-largest asset manager with over $11 trillion in assets under management, has made a stunning policy reversal by allowing its brokerage clients to trade cryptocurrency exchange-traded funds (ETFs) and mutual funds starting Tuesday, December 2, 2025. This decision, reported by Bloomberg on December 1, marks a dramatic shift for the firm, which has long been one of the most crypto-skeptical players in traditional finance.

The Policy Change: Access to Bitcoin, Ether, XRP, and Solana ETFs

Starting December 2, Vanguard’s more than 50 million brokerage customers will be able to buy and sell ETFs and mutual funds that primarily hold select cryptocurrencies. The eligible products include those tracking Bitcoin (BTC), Ether (ETH), XRP, and Solana (SOL), among others. Meme coin-linked funds, however, will remain restricted, and Vanguard has no immediate plans to launch its own crypto ETFs.

The change applies to regulated spot ETFs and mutual funds that meet the firm’s criteria for liquidity and compliance, providing indirect exposure to digital assets without the need for direct custody or wallet management.

Why Now? Demand from Retail and Institutional Clients

The reversal comes after persistent pressure from both retail and institutional clients, who have increasingly sought access to crypto investment vehicles through Vanguard’s platform. According to Bloomberg, the firm conducted internal reviews around crypto product access since at least September 2025, weighing the evolution of the market and the performance of existing ETFs.

Vanguard’s previous stance was clear: in August 2024, then-CEO Salim Ramji stated the company had “no plans to offer or launch crypto ETFs,” echoing former CEO Tim Buckley’s May 2024 view that digital assets were too volatile for long-term portfolios. However, the success of spot Bitcoin and Ether ETFs—amassing billions in assets despite market volatility—has tested these assumptions.

Andrew Kadjeski, head of brokerage and investments at Vanguard, explained the shift: “Cryptocurrency ETFs and mutual funds have been tested through periods of market volatility, performing as designed while maintaining liquidity. The administrative processes to service these types of funds have matured, and investor preferences continue to evolve.”

Implications for Investors and the Crypto Market

This policy change opens the door for Vanguard’s vast client base—managing over $11 trillion—to gain regulated exposure to cryptocurrencies without switching platforms. It narrows the gap with competitors like BlackRock and Fidelity, whose spot Bitcoin ETF (IBIT) has reached $70 billion in assets under management (AUM) since January 2024.

For crypto markets, the move could inject fresh capital inflows, as Vanguard’s 50 million customers represent a massive untapped audience. While meme coins remain off-limits, the inclusion of Bitcoin, Ether, XRP, and Solana ETFs signals broader acceptance of digital assets in mainstream portfolios. Analysts like Eric Balchunas of Bloomberg estimate that over 100 new crypto ETFs could launch in the next six months, further diversifying options.

The decision also reflects the maturation of crypto products, which have demonstrated resilience through volatility while adhering to regulatory standards.

Vanguard’s Cautious Approach Continues

Vanguard has ruled out creating its own crypto ETFs or mutual funds in the near term, focusing instead on facilitating access to third-party products. The firm will only permit funds that “primarily hold cryptocurrencies” and meet its liquidity and oversight requirements, ensuring alignment with its conservative investment philosophy.

This measured entry into the crypto space underscores Vanguard’s evolution: from outright resistance to selective integration, driven by client demand and market realities.

In summary, Vanguard’s decision to allow trading of crypto ETFs like those for Bitcoin, Ether, XRP, and Solana starting December 2, 2025, represents a major policy reversal for the $11 trillion asset manager, opening access for its 50 million clients amid growing institutional demand and the maturation of regulated digital asset products.