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January 16, 2024 at 02:17 PM
Vanguard Group has drawn the ire of cryptocurrency enthusiasts for its decision to bar not just the new spot bitcoin exchange-traded funds but all crypto products from its platform, with many pushing a #BoycottVanguard campaign on X, formerly Twitter.
Several have announced they’re taking their money to other investment firms like Fidelity, and one X account reported a new “revenge coin” against Vanguard with an expletive-based trading symbol ($FKVG).
Mutual fund and ETF giant Vanguard, however, isn’t likely to suffer much damage from crypto-driven defections, according to Eric Balchunas, Bloomberg senior ETF analyst, who wrote a book on Vanguard and its founder called “The Bogle Effect.”
With $7.2 trillion in registered U.S. fund assets under management — a 27% market share — Vanguard’s presence in the fund space is unparallelled, as Balchunas showed in a chart posted to X Tuesday.
Here's a look at the historical market share of all registered US fund assets, Vanguard is in league of own with 27% share via $7.2T in aum, double anyone else and double the old historical high water mark last held Fidelity in the 90s. pic.twitter.com/3hqmzXjCH8
— Eric Balchunas (@EricBalchunas) January 16, 2024
When another X user asked “How’s the bleeding so far?,” Balchunas responded:
“Haha. Vanguard ETFs have taken in $5b past 5 days. For context,” $5 billion is Balchunas’ optimistic prediction for flows into the “nine newborn” bitcoin ETFs in the first four to six months. “Vanguard is a machine and IMO the #BoycottVanguard (movement) is highly unlikely to even dent the inflows let alone cause bleeding.”
