In January 2024, the Securities and Exchange Commission (SEC) approved several spot Bitcoin exchange-traded funds (ETFs) for trading in a landmark ruling. The ETFs have been the most successful launch in history, amassing over $10 billion in net inflows since launch. Some of the largest asset managers also took part in the ETF launch, with funds from BlackRock (IBIT) and Fidelity Investments (FBTC) hitting equity markets. But Vanguard, the second-largest asset management company and ETF provider in the world, did not partake. This came as a surprise to some, as the ETFs have presented a huge o…