Bitwise's XRP exchange-traded fund is now available for Vanguard clients, according to a recent social media post by chief executive officer Hunter Horsley.
The red-hot product began trading on Nov. 20, securing rather impressive inflows.
Major reversal
Vanguard, the world's second-largest asset manager with over $11 trillion in assets under management, has long been a conservative powerhouse in traditional investing.
For years, it has outright banned crypto-related products on its platform. It even blocked access to spot Bitcoin ETFs when they launched in January 2024.
However, as reported by Bloomberg, more than 50 million of Vanguard's customers will be able to start trading select crypto ETFs and mutual funds that hold cryptocurrency assets.
As reported by U.Today, rumors of Vanguard making a complete U-turn on crypto started swirling in late September. Hence, it did not come as a complete surprise, which explains a rather muted crypto rally.
Despite the massive reversal, the $10 trillion giant still has no plans to follow the example of rival BlackRock by launching its own ETF.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team