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Incoming Vanguard CEO Won't Reverse Decision Not to Launch Bitcoin ETF
The former BlackRock executive didn't address the issue of giving Vanguard clients access to any of the other spot bitcoin ETFs that are available.
Updated May 15, 2024, 5:29 p.m. Published May 15, 2024, 5:26 p.m.
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Salim Ramji, set to take the reins at Vanguard from outgoing CEO Tim Buckley on July 8, quickly poured cold water on the idea that he has intentions for the asset management giant to offer its own spot bitcoin ETF.
"I think it’s important for firms to have consistency in terms of what they stand for and the products and services they offer," Salim Ramji told Barron's. "I have heard [CIO] Greg Davis’ explanation and I think it is entirely consistent with Vanguard’s investment philosophy. It is a logical and consistent point of view."
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It was not so much Vanguard's decision not to launch its own bitcoin ETF that caused so much chatter, but instead the company's move not to offer its clientele trading access to any of the numerous spot products that became available on Jan. 11 of this year. Ramji didn't address that matter in the interview.
At BlackRock, Ramji headed the global iShares business and was a force in that company's decision to offer and win approval for a spot bitcoin ETF. He left BlackRock in January.
Read more: Vanguard, Avowedly Anti-Crypto, Names Bitcoin-Friendly Ex-BlackRock Exec as CEO
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