Vanguard’s new CEO upholds firm’s stance against Bitcoin ETFs despite crypto enthusiasm Vanguard’s new CEO upholds firm’s stance against Bitcoin ETFs despite crypto enthusiasm
Salim Ramji had a pro-Bitcoin stance in his former role at BlackRock.
2 min read
Updated: May. 16, 2024 at 2:37 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Vanguard’s newly appointed CEO, Salim Ramji, has scuttled notions that he might reverse the investment giant’s decision against launching a spot Bitcoin exchange-traded fund (ETF) due to his pro-crypto stance.
Ramji’s May 14 appointment at Vanguard had led to speculations that the investment firm might reverse its anti-BTC stand, with Bloomberg’s senior ETF analyst Eric Balchunas saying:
“[Ramji] has been quoted about his interest in digital assets although I’m not sure that’s going to change Vanguard’s stance but he will be the CEO. Who knows. Door much more open now IMO.”
Ramji, who will take over at Vanguard by June 8, previously headed BlackRock’s ETF division and was a crucial player in the launch of the asset manager spot Bitcoin ETF product IBIT. Notably, he left his BlackRock position in January.
However, in a May 15 interview with Barrons, Ramji revealed that he would maintain “consistency” with what Vanguard stands for and “the products and services they offer.” He added:
“I have heard [chief investment officer] Greg Davis’ explanation and I think it is entirely consistent with Vanguard’s investment philosophy. It is a logical and consistent point of view.”
Earlier in the year, while the Bitcoin ETF approval euphoria still gripped the market, Vanguard decided against offering its clients access to Bitcoin ETFs because the flagship digital asset was “immature” and did not align with the company philosophy.
Former CEO Tim Buckley further explained that the firm does not intend to change its stance toward the spot Bitcoin ETFs, primarily because it does not believe they belong in long-term and retirement portfolios.
Ramji’s promise to keep towing this path might anger long-time customers who had previously threatened to close their accounts because of the firm’s anti-BTC decision.
Nate Geraci, president of the ETF Store, said:
“He didn’t specifically comment on whether Vanguard would allow spot bitcoin ETFs on its brokerage platform, but this doesn’t look positive.”
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
The BlackRock Bitcoin ETF, known as the iShares Bitcoin Trust (IBIT), is an investment fund that provides regulated exposure to Bitcoin for investors.
Eric Balchunas is an American author, ETF analyst, and Senior ETF Analyst at Bloomberg Intelligence.