Vanguard, a prominent asset management company, has appointed Salim Ramji, a former executive at BlackRock who is known for his support of Bitcoin, as its new CEO. Ramji’s involvement in the approval and launch of BlackRock’s Bitcoin exchange-traded fund (ETF) has led to speculation about whether he will attempt to change Vanguard’s longstanding opposition to Bitcoin or even pursue the late filing of a Bitcoin ETF.
Bloomberg ETF analyst James Seyffart expressed doubt that Ramji would be able to oversee the launch of Vanguard’s own Bitcoin ETF. However, Seyffart believes that Ramji could potentially reverse the firm’s stance on allowing clients to purchase Bitcoin ETFs on its brokerage platform.
Another Bloomberg analyst, Eric Balchunas, shares a similar opinion and highlights that Ramji has previously spoken positively about Bitcoin and blockchain technology. Balchunas describes Vanguard’s decision to hire an outsider as its CEO as somewhat surprising.
Ramji will be replacing Tim Buckley, a well-known critic of Bitcoin, as Vanguard’s CEO on July 8. Vanguard had been searching for a new leader since Buckley announced his retirement plans in late February.
Ramji stated that he left BlackRock in search of a new leadership or entrepreneurial opportunity outside of the company shortly after helping launch its iShares Bitcoin Trust on January 11, 2024. During his time at BlackRock, Ramji held the position of global head of iShares and index investments and was a member of the company’s global executive committee.
In January, some long-time Vanguard customers threatened to close their accounts when the company decided not to offer Bitcoin ETFs on its brokerage platform. This decision was made at a time when Vanguard was offering the “Inverse Jim Cramer ETF.” Vanguard reaffirmed its decision not to offer a Bitcoin product, stating that it does not align with the company’s investment philosophy.
It is worth noting that Vanguard is among MicroStrategy’s largest shareholders, indirectly exposing it to Bitcoin.