Vanguard hired its first head of digital assets to build a crypto roadmap for wealth clients. The $12 trillion manager still has no spot Bitcoin ETF plans.
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Vanguard hired its first head of digital assets, a move that signals the $12 trillion asset manager is preparing to offer crypto guidance to its wealth clients. The company confirmed the new role, which will focus on building a multi-year roadmap for integrating digital assets into its Personal Wealth unit.
The firm said it has no plans to launch a spot Bitcoin exchange-traded fund, a product it has refused to offer even as competitors like BlackRock and Fidelity rushed to market. Instead, Vanguard is working on a framework that would let advisors recommend crypto investments through third-party vehicles, subject to client suitability and risk tolerance.
The shift follows years of public skepticism. Vanguard's former CEO Tim Buckley called Bitcoin "immature" and said it had no place in a long-term portfolio. The firm blocked users from buying spot Bitcoin ETFs in early 2024, drawing criticism from crypto advocates. Now it is designing a system to let advisors open those doors under controlled conditions.
The digital assets chief will report to the head of Vanguard's Personal Wealth unit, which serves high-net-worth individuals. The roadmap is expected to include educational materials, allocation models, and eventually access to crypto-focused funds managed by outside firms. None of those offerings would put Vanguard's own balance sheet at risk, the company said.
For clients, the change means they may soon get permission to hold crypto inside a Vanguard brokerage account, something the firm previously blocked. The company stopped its users from buying Bitcoin ETFs in early 2024. Now it is designing a system to let advisors open those doors under controlled conditions.
Vanguard's move does not signal a flip on the underlying asset. The company still describes crypto as non-productive and volatile. The infrastructure being built suggests Vanguard sees a future in which digital assets are part of a diversified portfolio for those who want them. The first products under the new framework are expected to roll out later this year.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.