A debate has erupted on social media between leading ETF experts Nate Geraci and Eric Balchunas regarding Vanguard’s stance on crypto ETFs. With more than $9 trillion in assets under management (AUM), second only to BlackRock, the company stands for the gold standard of conservatism and low costs.
Meanwhile, the total net assets of the Spot Bitcoin ETF have already exceeded $101.45 billion, which is about 5.25% of the Bitcoin ETF. $BTC Market capitalization. Topping the list is BlackRock (IBIT) with $53.22 billion.
Will $9 trillion in assets under management protect Vanguard from rising Bitcoin ETF prices?
Nate Geraci, former president of The ETF Store and co-founder of the ETF Institute, believes the situation is critical due to “optics.” A huge wave of money is moving to the younger generation, choosing crypto-friendly brokers. Vanguard’s interface and position are like the “Dark Ages” and could lead to long-term customer loss.
However, Eric Balchunas of Bloomberg Intelligence disagrees with this view, saying that existing crypto ETFs on the market already solve the problem for 99% of investors. In his opinion, buying ETFs is better than owning them directly, and Vanguard doesn’t necessarily need to reinvent the wheel, but he acknowledges the importance of image in the race for young people.
They can already get a Bitcoin ETF, which is the same thing, cheaper (for all but 1 in 10,000 cases, except those who buy Bitcoin in huge amounts at once and want to hold it without new purchases for more than 7-10 years)
— Eric Balchunas (@EricBalchunas) April 20, 2026
Any decision Vanguard makes changes market conditions. Denial in the cryptocurrency space has long held back large inflows of institutional capital, but their participation could cause the industry’s average fees to collapse. That’s exactly why the company’s every step is monitored more closely than any other fund.
Despite public conservatism, Vanguard has taken important steps under the leadership of new CEO and BlackRock alumnus Salim Ramzi. At the end of 2025, the broker started accessing third-party crypto ETFs ($BTCETH, SOL, XRP). Additionally, Vanguard’s latest research for 2026 allows you to include 1-4% crypto assets in your portfolio for diversification.
