Vanguard, one of the world's largest investment firms, has named a new CEO: Salim Ramji, who previously led BlackRock's ETF business and helped launch its spot bitcoin ETF, IBIT, in January.
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JUST IN: Vanguard appoints Salim Ramji as new CEO, a former Blackrock twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin
Previously, Vanguard refused to offer btc ETF pic.twitter.com/KEq7KeJ3q7
– bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1790663923869315157?ref_src=twsrc%5Etfw”>May 15, 2024
Ramji will replace outgoing Vanguard CEO Tim Buckley. Buckley has publicly criticized bitcoin and opposed offering bitcoin ETF products to clients.
Under Buckley's leadership, Vanguard refused to give its brokerage clients access to US spot bitcoin ETFs that were approved by the SEC.
Ramji's appointment, effective July 8, signals a possible shift in Vanguard's stance. As head of BlackRock's iShares division, Ramji oversaw the launch of the iShares bitcoin Trust ETF.
Ramji has spoken positively about the technology behind bitcoin and its potential to eliminate friction in financial markets.
His experience pioneering bitcoin ETFs at BlackRock has many wondering if he will now push similar offerings at Vanguard.
<img src="https://bitcoinmagazine.com/.image/c_fit%2Ch_800%2Cw_1200/MjA0MzE5MTg5MTE1NDc5NDkz/bm-x-unchained-article-cta—learn-more.png”>
According to Bloomberg ETF Analyst x.com/EricBalchunas/status/1790498386203869352″>Eric BalchunasIncorporating bitcoin-friendly Ramji means the door is “much more open now” for Vanguard to adopt bitcoin.
The company offers index funds and ETFs to retail and institutional investors.
As a major player in the ETF space with over $7 trillion in global assets under management, Vanguard's launch of a spot bitcoin ETF would be an important milestone for further mainstream adoption.
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