Vanguard reiterates no plans to list Ethereum spot ETF; Hashdex withdraws Ethereum ETF application

The fund issuer Vanguard reiterated that cryptocurrency products are not suitable for a balanced, long-term investment portfolio, and stated that they will not list Ethereum spot ETFs. Another issuer, Hashdex, has withdrawn its application for an Ethereum spot ETF from the SEC.

Vanguard Reiterates Cryptocurrency Assets Not Suitable for "Long-Term Investment"

The Vanguard Group, with assets under management of up to $7.7 trillion and known as the inventor of ETFs, has remained firm in its decision not to list a Bitcoin ETF, despite the launch of such products by competing brokerages like Fidelity and Charles Schwab this January.

ETF Inventor Stands Firm! Vanguard Withdraws from Bitcoin Futures, Reinforcing "No Cryptocurrency" Investment Stance

A spokesperson told Blockworks:

While continually evaluating its brokerage operations and new products entering the market, an Ethereum spot ETF will not be listed by Vanguard. We believe that cryptocurrency products are not in line with the asset classes we focus on, such as stocks, bonds, and cash, which Vanguard considers as the cornerstone of a balanced, long-term investment portfolio.

Salim Ramji, who previously led BlackRock's ETF business and helped plan a Bitcoin spot ETF, is set to become Vanguard's CEO in July, potentially signaling a shift in Vanguard's stance.

However, in a mid-May interview with Barron's, he indicated that he would strive to maintain "consistency" in the types of products and services offered by Vanguard.

Vanguard Appoints Former BlackRock Index Investing Head as CEO, Will the "No Cryptocurrency" Stance Change?

Hashdex Withdraws Ethereum ETF Proposal

Previously reported that the SEC approved eight Ethereum spot ETFs on the 23rd, but Hashdex was not among them. According to a withdrawal notice released by Nasdaq on the 28th, Hashdex withdrew its application on the 24th.

Eight Ethereum Spot ETFs Officially Approved, Listing Still Pending

For other Ethereum spot ETFs, issuers still need to wait for the S-1 registration statement to become effective before trading can begin, with analysts speculating it may take several weeks.