Vanguard Announces New CEO Known for Blockchain Advocacy Amid Speculations of Bitcoin ETF Plans

Vanguard Appoints Blockchain Advocate as CEO, Hinting at Potential Bitcoin ETF Venture

Vanguard, the world’s second-largest asset management firm, announced the appointment of Salim Ramji, a known supporter of Bitcoin and blockchain technology, as its new CEO effective July 8. This move marks Vanguard’s first external high-level hiring, which has been described as “shocking” by Bloomberg ETF analyst Eric Balchunas, highlighting a significant shift from the company’s tradition of promoting “internal stars” who were former assistants to the late founder, John Bogle.

Less than a year ago, Ramji was instrumental in managing the iShares Bitcoin Trust (IBIT) at BlackRock, Vanguard’s top competitor, where he oversaw the trust’s filing and logistical operations. The IBIT is now the largest Bitcoin ETF by trading volume globally.

In July last year, shortly after BlackRock filed to launch its ETF, Ramji expressed his enthusiasm about the underlying technology supporting Bitcoin and blockchain, seeing it as an opportunity to expand investors’ access to this “emerging asset class,” similar to the benefits offered by gold ETFs.

However, Vanguard has maintained a different stance. In January of this year, unlike BlackRock and Fidelity, Vanguard did not join the list of firms with a Bitcoin spot ETF, citing a mismatch with Vanguard’s investment philosophy. Balchunas noted that Vanguard has historically adhered to Bogle’s philosophy of favoring assets with inherent cash flows over pure commodities like Bitcoin, reflecting Bogle’s own advice to investors in 2017 to avoid Bitcoin “like the plague.”