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 the spot Bitcoin ETF, IBIT, in January.
JUST IN: Vanguard names new CEO Salim Ramji, a former Blackrock director #Bitcoin Lead in ETFs.
Earlier, Vanguard rejected the BTC ETF offer 👀 pic.twitter.com/KEq7KeJ3q7
— Bitcoin Magazine (@BitcoinMagazine) May 15, 2024
Ramji will replace Vanguard's outgoing 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 U.S. spot bitcoin ETFs that were approved by the Securities and Exchange Commission.
Ramjee's appointment, which is scheduled to take effect on July 8, signals a possible change in Vanguard's stance. As head of BlackRock's iShares division, Ramji oversaw the launch of the iShares Bitcoin Trust ETF.
Ramji spoke positively about the technology behind Bitcoin and its ability to remove friction in financial markets.
His experience pioneering Bitcoin ETFs at BlackRock has many wondering whether he would now push for similar offerings at Vanguard.
According to Bloomberg ETF analyst Eric Balchunasbringing in Bitcoin-friendly Ramji means the door is “much more open now” for Vanguard to embrace Bitcoin.
The company offers index funds and ETFs to both individual and institutional investors.
As a massive player in the ETF space with over $7 trillion in global assets under management, Vanguard's launch of a spot Bitcoin ETF will mark an important milestone for further mainstream adoption.