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Vanguard Exec Likens Bitcoin to ‘Digital Labubu’ Even as Firm Opens ETF Trading Access
Executive John Ameriks emphasized Vanguard's core view of the crypto sector hasn't changed, seeing the asset class as highly speculative.
Dec 13, 2025, 5:19 p.m.
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What to know:
- Vanguard's John Ameriks likened bitcoin to a "digital Labubu," viewing it as speculative rather than a long-term investment.
- Ameriks emphasized Vanguard's core view of the crypto sector hasn't changed, seeing the asset class as highly speculative.
- Vanguard won't launch its own crypto ETFs, but provides access to regulated crypto investment vehicles without advising clients on buying or selling.
Vanguard’s global head of quantitative equity, John Ameriks, said bitcoin still resembles a speculative collectible more than an asset meant to build long-term wealth, comparing it to a “digital Labubu,” the plush toy that has become a popular collectible.
Ameriks’ words came during Bloomberg’s ETFs in Depth conference in New York on Thursday, where he said bitcoin lacks the income, compounding, and cash-flow traits Vanguard seeks when it evaluates long-term investments.
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His dismissive stance comes as Vanguard just opened its platform to crypto exchange-traded funds, allowing its 50 million clients access to regulated investment vehicles from rivals like BlackRock and Fidelity.
The asset management giant's begrudging embrace of crypto is a reversal of long-time skepticism towards the entire asset class. For years, Vanguard stood against offering cryptocurrency products to clients, reiterating that it saw digital assets as highly speculative and unaligned with its core investment philosophy.
That view, according to Ameriks, apparently hasn’t changed. As a result, Vanguard does not plan to launch its own crypto-focused ETFs. The decision is notable as bitcoin ETFs have become BlackRock’s top revenue source.
Still, after Vanguard saw crypto ETFs and funds “have been tested through periods of market volatility, performing as designed while maintaining liquidity,” the firm opened its brokerage platform to these products.
Even with that access, Vanguard will not advise clients on whether to buy or sell crypto assets or which tokens to hold, Ameriks said.
Ameriks said bitcoin could eventually show non-speculative value in certain conditions, such as high inflation or political instability, but he argued the evidence is still limited. “You’ve still got too short of a history,” he said.
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