Former BlackRock Bitcoin ETF lead appointed as new Vanguard CEO.
Vanguard, one of the world’s largest investment firms, has named Salim Ramji, who previously led BlackRock’s ETF business and helped launch IBIT, a spot bitcoin ETF, as its new CEO in January.
Just recently: Vanguard appointed Salim Ramji, former CEO of Blackrock, as its new CEO. #Bitcoin ETF Lead.
Vanguard previously declined to offer a BTC ETF. pic.twitter.com/KEq7KeJ3q7
— Bitcoin Magazine (@BitcoinMagazine) May 15, 2024
Ramji replaces Tim Buckley, Vanguard’s outgoing CEO. Berkeley has been publicly critical of Bitcoin and has opposed offering a Bitcoin ETF product to customers.
Under Buckley’s leadership, Vanguard refused to provide brokerage clients with access to SEC-approved U.S. spot Bitcoin ETFs.
Ramji’s appointment, which is scheduled to take effect on July 8, marks a potential change in Vanguard’s position. As head of BlackRock’s iShares division, Ramji oversaw the launch of the iShares Bitcoin Trust ETF.
Ramji spoke positively about the technology underpinning Bitcoin and its potential to remove friction from financial markets.
His experience pioneering the Bitcoin ETF at BlackRock has many wondering whether he will now pursue a similar product at Vanguard.
According to Bloomberg ETF analyst Eric Balchunas, the introduction of the Bitcoin-friendly Ramji means Vanguard’s door to accepting Bitcoin is “now much more open.”
The company offers index funds and ETFs to both individual and institutional investors.
As a large player in the ETF space with over $7 trillion in global AUM, Vanguard’s launch of a spot Bitcoin ETF would be an important milestone toward mainstream adoption.
