The very first trading day for Bitcoin (BTC) on site Exchange-traded funds (ETFs) on the American stock exchange has been extremely successful with a total trading volume of more than $3.3 billion to date. However, there is also a downer: several asset managers do not allow their customers to invest in the recently approved Bitcoin exchange funds.
Bitcoin ETF approval, BlackRock expects good news on the day
Bitcoin news
Access to BTC ETFs blocked
It all started with Vanguard, the second largest asset manager in the world after BlackRock, which did not give its clients access to purchase any of the Bitcoin ETFs approved yesterday.
On the social media platform X the entrepreneur Tony Spencer knowledge Having contacted Vanguard:
“It's worse than I thought.” I called and the answer was, “We are not allowing the purchase at this time because it doesn't align with Vanguard's investment philosophy.”
This also means that customers who previously invested in the Grayscale Bitcoin Trust (GBTC), which was converted from a trust to a spot ETF as of today, will only be able to sell their shares.
Reports later emerged that Vanguard was not the only one blocking the newly launched stock market funds. Citigroup, Merrill Lynch, Edward Jones and UBS Group AG have also introduced restrictions on customers purchasing spot Bitcoin ETFs.
Fox Business journalist Eleanor Terrett reported on it
Historic day for Bitcoin
The aforementioned asset managers' critical stance towards Bitcoin and cryptocurrencies in general stands in stark contrast to giants such as BlackRock and Fidelity, which have strongly embraced Bitcoin via an ETF.
The crypto world therefore views the blockages that have emerged with great criticism. Despite the setback, a major milestone in Bitcoin adoption was reached today with the launch of eleven exchange funds.
Would you like to discuss this news? Join our vibrant Telegram community with over 5,000 members for free! Here you can easily discuss the latest crypto trends and expectations.
Post views: 0