Vanguard, a leading asset management company, has appointed Salim Ramji, a former executive from BlackRock who is known for his support of Bitcoin, as its new CEO. Ramji played a key role in getting BlackRock’s spot Bitcoin exchange-traded fund (ETF) approved and launched earlier this year. This move has sparked speculation among industry experts about whether Ramji will try to change Vanguard’s longstanding opposition to Bitcoin or even push for the late filing of a spot Bitcoin ETF.
James Seyffart, an ETF analyst at Bloomberg, expressed doubt that Ramji would be able to oversee the launch of Vanguard’s own spot Bitcoin ETF product. However, Seyffart believes that Ramji could potentially reverse Vanguard’s stance on allowing clients to buy spot Bitcoin ETFs on its brokerage platform. Eric Balchunas, another Bloomberg analyst, echoed similar sentiments and pointed out that Ramji has previously spoken positively about Bitcoin and blockchain technology.
Balchunas described Vanguard’s decision to hire an outsider as its CEO as somewhat surprising, as it is the first time the company has made such a move. Ramji will be replacing Tim Buckley, who has been a vocal critic of Bitcoin, on July 8. Vanguard had been searching for a new CEO since February when Buckley announced his plans to retire.
Ramji left BlackRock shortly after helping the firm launch its iShares Bitcoin Trust on January 11, 2024. He cited a desire to pursue new leadership or entrepreneurial opportunities outside of BlackRock. During his time at BlackRock, Ramji held the position of global head of iShares and index investments and was a member of the firm’s global executive committee.
It is worth noting that some of Vanguard’s long-time customers threatened to close their accounts in January when the company decided not to offer spot Bitcoin ETFs on its brokerage platform. Vanguard stood by its decision, stating that Bitcoin does not align with its investment philosophy.