Asset management giant Vanguard has appointed Salim Ramji, the former CEO of Bitcoin-friendly BlackRock, as its new CEO.
With Ramji overseeing the approval and launch of BlackRock’s Bitcoin Spot ETF earlier this year, his May 14 appointment at Vanguard has industry pundits wondering whether he will try to change the firm’s longstanding opposition to Bitcoin (BTC), or even Sparking a late filing for a spot Bitcoin ETF.
In a May 15 post to
However, Seyfart believes Ramji could reverse Vanguard’s stance on not allowing its clients to buy Bitcoin ETFs on its brokerage platform.
Fellow Bloomberg analyst Eric Balchunas shared a similar opinion, but noted that Ramji has praised Bitcoin and blockchain technology in the past:
“Who knows… the door is now open IMO.”
Balchunas described Vanguard’s decision as “almost a shock,” as it was the first time the company had appointed an outsider as its CEO.
Ramji will replace Tim Buckley — a longtime Bitcoin critic — as CEO of Vanguard starting July 8.
Vanguard has been searching for a new president since late February of this year when Buckley first announced his plans to retire.
Ramji said he left BlackRock “to look for new leadership or entrepreneurial opportunity” outside of BlackRock four days after he helped the company launch the iShares Bitcoin Trust on January 11, 2024.
He served as Global Head of iShares and Index Investments at BlackRock and was a member of the company’s Global Executive Committee.
Related: Vanguard is among MicroStrategy’s largest shareholders, with indirect exposure to bitcoin
Some longtime Vanguard clients threatened to close their accounts in January when the investment firm decided not to offer spot Bitcoin ETFs on its brokerage platform.
The decision was made at the time when Vanguard offered the “Inverse Jim Cramer ETF.”
Vanguard has doubled down on its call not to offer a spot Bitcoin product, asserting that Bitcoin simply does not align with the company’s investment philosophy.
“Our view is that these products are inconsistent with our offering that focuses on asset classes such as stocks, bonds and cash, which Vanguard views as the building blocks of a balanced, long-term investment portfolio.”
magazine: Bitcoin ETFs Make Coinbase a ‘Trap’ for Hackers and Governments: Trezor CEO
