Reportedly, Vanguard’s newly appointed leader declares that a Bitcoin ETF is not being considered.

The newly appointed CEO of United States investment company Vanguard has confirmed that the company will not be launching a Bitcoin exchange-traded fund (ETF). Salim Ramji, who previously led BlackRock’s global ETF business, stated in an interview with Barron’s that Vanguard values consistency and that cryptocurrency-related investment products do not align with its investment philosophy. Ramji oversaw the launch of BlackRock’s Bitcoin ETF earlier this year, but Vanguard, with its $8.6 trillion in assets under management, has chosen a different approach, viewing crypto as a speculative and immature asset class. While Ramji may not introduce a Vanguard Bitcoin ETF, he may reconsider the company’s position on allowing clients to purchase other Bitcoin ETFs on its brokerage platform. Vanguard’s outgoing CEO, Tim Buckley, also expressed his skepticism about Bitcoin ETFs and their place in long-term portfolios.