Vanguard, the U.S. investment advisor platform that manages approximately $7 trillion in assets, announced that starting April 28, platform clients will no longer be able to buy and transfer most over-the-counter (OTC) securities, which will include the Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE).
Vanguard investors who already own GBTC and ETHE can still keep them in their personal portfolios after the April 28 rule change goes into effect.
As for why, Vanguard said its investment philosophy emphasizes a long-term and durable strategy, and as a result, the company will cut some of its products and services around OTC securities.
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