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This is for the same reason they don't mix gold ETFs into their indexes. The point of their funds is to track companies that produce goods and services, not asserts and commodities.


Twist things around however you want, but VGPMX [0] invests in the companies producing precious metals. 1/4 of the portfolio is that.

[0] https://investor.vanguard.com/investment-products/mutual-fun...


Vanguard invests in bitcoin companies. They just don't have a dedicated ETF or mutual fund.

For instance, Vanguard is one of the largest institutional investors in MSTR and MARA.


MSTR is now a direct proxy for btc, and MARA definitely is. Having massive investments in those stocks while claiming "we only invest in companies, not crypto", feels super wonky to me.




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