Asset management firm Vanguard could become Bitcoin-friendly as new CEO arrives

The firm’s outgoing boss was opposed to cryptocurrency, but his replacement could change the game

Former Blackrock executive Salim Ramji has been announced as the new CEO of asset management firm Vanguard. Ramji was the Global Head of iShares and Index Investments at Blackrock and a member of the firm’s Global Executive Committee.

Ramji supervised BlackRock’s recent launch of its spot Bitcoin exchange-traded fund, and his May 14 appointment as Vanguard CEO has many industry experts curious about whether he’ll attempt to change the company’s longtime resistance to Bitcoin (BTC) or initiate a spot Bitcoin ETF filing.

Bloomberg ETF analyst James Seyffart said in a May 15 X post that he doesn’t think Ramji and Vanguard would launch any spot Bitcoin ETFs. However, he does believe that Vanguard could change its decision not to allow clients to purchase spot Bitcoin ETFs on its platform under Ramji’s watch.

Another Bloomberg analyst, Eric Balchunas, shared a parallel opinion but remarked that Ramji had previously spoken favorably about Bitcoin and blockchain technology. Balchunas characterized Vanguard’s CEO choice as a “semi-shock” after the company hired an outsider for the position for the first time. 

JUST IN: Salim Ramji will be the new Vanguard CEO. He used to head up BlackRock’s global ETF business. First time ever Vanguard hired outsider as CEO. Every other one was internal star and former Bogle assistant. INTERESTING. SEMI-SHOCK.

— Eric Balchunas (@EricBalchunas) May 14, 2024

Ramji stated his decision to leave BlackRock was to “seek a new leadership or entrepreneurial opportunity.” He made the announcement four days after the company launched the iShares Bitcoin Trust on January 11.

Many Vanguard customers debated whether to close their accounts when the company chose not to offer spot Bitcoin ETFs on its platform last January. Vanguard reinforced its decision not to offer spot Bitcoin products, saying that Bitcoin doesn’t align with its investment ideology.

Ramji will take the CEO reigns from longtime Bitcoin criticizer Tim Buckley on July 8. Vanguard began its search for a new CEO in late February after Buckley announced his retirement.