Vanguard is reportedly limiting customer access to physical Bitcoin ETFs.

Vanguard, a major player in the investment management industry with over $7 trillion in assets according to multiple reports, has taken a surprising stance by blocking its clients’ access to its spot Bitcoin exchange-traded fund (ETF). The move marks a notable departure from the growing trend of institutional interest and adoption of Bitcoin-related financial products.

Vanguard has no plans to offer physical Bitcoin ETFs or cryptocurrency-related products, The Block reported. The company said Bitcoin’s high volatility nature goes against its goal of helping investors earn “real returns” over the long term.

Customer reports indicate that while you cannot buy the newly listed spot ETF, you can sell shares of GBTC, Grayscale’s spot Bitcoin ETF. One customer reportedly spoke with a company representative, who said: “We are not currently allowing the purchase of this product as it does not fit with Vanguard’s investment philosophy.”

Vanguard’s decision to limit customer access comes one day after the SEC approved the first spot Bitcoin ETF. The spot ETF recorded more than $2.3 billion in trading volume on its launch day. It remains to be seen whether the renowned asset manager will withdraw his position and allow his clients to participate in the booming Bitcoin market.