When it comes to Bitcoin exchange-traded funds, many investors are discovering that approved does not mean available.

Vanguard Group Inc.’s brokerage arm will not offer trading in ETFs that invest directly in Bitcoin, according to a spokesperson. Bank of America Corp.’s Merrill Edge is still evaluating whether to provide that service, a person familiar with the matter said, asking not to be identified discussing a private matter.

After years of speculation, nearly a dozen Bitcoin ETFs won approval from US regulators on Wednesday — with the landmark decision sparking a surge in demand for the vehicles. But even with regulators’ blessing, it’s up to firms whether to offer trading in the Bitcoin-linked products and some may be reluctant to jump into a volatile asset class.

“While we continuously evaluate our brokerage offer and evaluate new product entries to the market, spot Bitcoin ETFs will not be available for purchase on the Vanguard platform. We also have no plans to offer Vanguard Bitcoin ETFs or other crypto-related products,” a Vanguard spokesperson said in an email.

A spokesperson for Merrill declined to comment.

Still, some firms are diving in. Charles Schwab Corp. will offer trading in Bitcoin ETFs across exchanges, according to a spokesperson.

“There’s a validating step to the actual underlying instrument, to all of the regulation and all of the rigor that goes around becoming an ETF,” James Kostulias, Schwab’s head of trading services, said in an interview.

For Vanguard’s part, it’s holding off.

“Our perspective is that these products do not align with our offer focused on asset classes such as equities, bonds, and cash, which Vanguard views as the building blocks of a well-balanced, long-term investment portfolio.”

This article was provided by Bloomberg News.