Vanguard Exec Calls Bitcoin a Digital Lab, Despite Crypto ETF Trading

Vanguard Exec Calls Bitcoin a ‘Digital Labubu’ Even as Firm Allows Crypto ETF Trading

Vanguard executive John Ameriks compared Bitcoin to a “digital Labubu,” arguing the cryptocurrency still looks more like a speculative collectible than a long-term investment—despite Vanguard recently allowing clients to trade spot Bitcoin exchange-traded funds (ETFs).

Ameriks, Vanguard’s global head of quantitative equity management, made the remarks Thursday at Bloomberg’s ETFs in Depth conference in New York, according to Bloomberg. Referencing the viral plush collectibles, he said it was “difficult” for him to view Bitcoin as anything more than a “digital Labubu.”

Ameriks said Vanguard’s core view of crypto has not changed, describing the sector as highly speculative. He questioned Bitcoin’s economic value and stability and emphasized that it lacks the traits Vanguard typically looks for in long-term holdings—including income, cash flow, and compounding.

The comments arrive at an important moment for the firm’s customers: Vanguard may now allow clients to trade spot Bitcoin ETFs and has also authorized access to ETFs linked to other major crypto assets, including Ethereum, XRP, and Solana. Ameriks framed that access as separate from Vanguard’s own investment stance.

Vanguard does not plan to launch its own crypto-focused ETFs and will not provide guidance on buying or selling digital assets, Ameriks said. He also acknowledged there are limited scenarios where Bitcoin could show non-speculative value, though he maintained that, in Vanguard’s view, the asset class remains primarily speculative.

In broader market context, the discussion comes as some Wall Street firms have adjusted their outlooks for Bitcoin. The description notes that Standard Chartered and Bernstein cut or revised Bitcoin targets amid signs of weakening demand and slowing ETF flows.