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Asset management giant Vanguard has chosen Bitcoin-friendly and former Blackrock executive Salim Ramji as its new CEO. Earlier this year, Ramji managed the approval and launch of BlackRock’s spot Bitcoin exchange-traded fund, leading to speculation among industry experts about whether his appointment on May 14th at Vanguard would shift the firm’s long-standing opposition to Bitcoin.
Vanguard and Its New CEO
Bloomberg ETF analyst James Seyffart stated in a May 15th post on X that he does not believe Ramji will see Vanguard launch its own spot Bitcoin ETF product. However, Seyffart thinks Ramji might reverse Vanguard’s stance on allowing its customers to buy spot Bitcoin ETFs on its brokerage platform.
Another Bloomberg analyst, Eric Balchunas, shared a similar view but noted that Ramji has spoken positively about Bitcoin and blockchain technology in the past. Balchunas described Vanguard’s decision as a semi-shock because the company is hiring an external CEO for the first time.
Ramji will take over as Vanguard’s CEO from Tim Buckley, a long-time Bitcoin critic, starting July 8th. Vanguard has been searching for a new leader since late February this year when Buckley announced his retirement plans.
Noteworthy Details on the Matter
Ramji stated that he left BlackRock to seek new leadership or entrepreneurial opportunities outside the company, just four days after helping establish the iShares Bitcoin Trust fund on January 11, 2024. He served as the Global Head of iShares and Index Investments at BlackRock and was a member of the firm’s Global Executive Committee.
Some of Vanguard’s long-time clients threatened to close their accounts in January after the investment firm decided not to offer spot Bitcoin ETF funds on its brokerage platform. The decision was made while Vanguard was proposing the Inverse Jim Cramer ETF fund. Vanguard doubled down on its call not to offer a spot Bitcoin product, citing that Bitcoin did not align with the firm’s investment philosophy and shared the following statement:
“Our view is that these products are not consistent with our offering, which focuses on asset classes like stocks, bonds, and cash that we see as the building blocks of a balanced, long-term investment portfolio.”
