Vanguard’s New CEO Affirms No Plans to Launch Bitcoin ETF Despite Industry Interest

cryptonews.com:

Salim Ramji, the newly appointed CEO of Vanguard, has confirmed that the company will not reverse its decision to refrain from launching a spot Bitcoin exchange-traded fund (ETF).

In a recent interview with Barron’s, Ramji, who previously headed BlackRock’s global ETF business, said Vanguard is committed to consistency, adding that cryptocurrency-related investment products do not align with the firm’s investment philosophy.

Ramji expressed his support for Vanguard’s Chief Investment Officer, Greg Davis, and his explanation for the decision to avoid a Bitcoin ETF, noting that it is entirely consistent with Vanguard’s investment philosophy and represents a logical and consistent point of view.

Earlier this year, Ramji oversaw the launch of BlackRock’s spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), which has accumulated $18 billion in assets under management.

While Ramji has shown a personal interest in cryptocurrencies, his move to Vanguard prompted speculation about potential changes he might introduce at the firm.

In contrast to Vanguard’s approach, other investment management companies such as Fidelity and nine additional firms launched spot Bitcoin funds, collectively attracting over $12 billion in net inflows.

Vanguard, with its substantial $8.6 trillion in assets under management (AUM), opted for a different stance, viewing cryptocurrencies as speculative investments and considering the asset class to be in its early stages of development.

Although Bloomberg ETF analyst James Seyffart does not believe that Ramji will introduce a Vanguard spot Bitcoin ETF, he suggests that Ramji might reconsider the company’s position regarding allowing clients to purchase other spot Bitcoin ETFs on Vanguard’s brokerage platform.

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