Vanguard Calls Bitcoin a “digital Labubu” as It Opens Crypto ETFs Including Bitcoin, Ethereum, XRP, and Solana

In a move signaling continued institutional access to digital assets, Vanguard expanded its platform to include cryptocurrency-related ETFs while maintaining a cautious stance on Bitcoin. The asset manager, overseeing about $12 trillion in client assets, now enables trading of funds holding Bitcoin, Ethereum, XRP, and Solana, aligning crypto exposure with traditional stores of value such as gold. This development follows the January 2024 spot Bitcoin ETF launch and reflects growing demand for regulated crypto instruments among large investors.

John Ameriks, Vanguard’s Head of Quantitative Equities, argued that Bitcoin lacks cash flows and predictable compounding, framing it as a speculative instrument at Bloomberg’s ETFs in Depth event. He described Bitcoin as a “digital Labubu” and cautioned that there is no robust evidence that the underlying blockchain yields durable economic value. Vanguard’s move to offer crypto-backed funds is grounded in investor interest, though participation remains voluntary and no trading advice is provided.