Vanguard Exec Likens Bitcoin to ‘Digital Labubu’ Even as Firm Opens ETF Trading Access

Vanguard has sent one of the most confusing — and revealing — signals yet about how Wall Street really feels about Bitcoin. On one hand, a senior Vanguard executive compared Bitcoin to a “digital Labubu,” a collectible toy often associated with hype, trends, and speculative behavior. On the other, Vanguard has quietly opened access to Bitcoin ETFs on its platform, allowing millions of investors to gain exposure with a few clicks.

At first glance, the contradiction is striking. Why mock Bitcoin while simultaneously enabling clients to buy it? The answer lies in how traditional finance is adapting to crypto without fully embracing its philosophy. Vanguard isn’t endorsing Bitcoin as money, technology, or a long-term store of value. Instead, it’s acknowledging demand. Investors want exposure, and refusing to offer it would mean losing relevance.

Calling Bitcoin a “digital Labubu” reflects lingering skepticism inside legacy finance — the view that crypto is driven more by sentiment than fundamentals. Yet opening ETF access shows realism. Whether executives believe in Bitcoin or not no longer matters. Client demand does.

This moment highlights a broader shift: institutions may criticize crypto’s narrative, but they are done ignoring its market power. Bitcoin doesn’t need approval to be adopted. It just needs buyers — and Vanguard now helps provide them, even while rolling its eyes.