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The spot Bitcoin ETF ecosystem may soon get a new mega backer in Vanguard. Though speculative, the $7.7 trillion investment management company might chart a new era, seeing as it just named a new chief executive officer (CEO), Salim Ramji. Ramji is set to replace Tim Buckley, the leader who resisted the urge to embrace Bitcoin ETFs.
Salim has quite a pedigree, and he joins Vanguard from BlackRock, where his last role involved overseeing the launch of BlackRock’s iShares Bitcoin Trust (IBIT). On several occasions, Salim Ramji was caught expressing his perception of Bitcoin and the need to embrace new technologies on all fronts.
Vanguard, the anti-Bitcoin asset manager, hires a new CEO.
— HODL15Capital 🇺🇸 (@HODL15Capital) May 15, 2024
Salim Ramji joins Vanguard from BlackRock where he oversaw the launch of BlackRock’s #Bitcoin ETF 👇 $IBIT pic.twitter.com/yPYxWg1HP1
BlackRock’s IBIT led the spot Bitcoin ETF inflows since the product’s inception in January. Notably, Ramji has seen the potency of the product, and he might help overhaul how Vanguard embraces the product moving forward.
The anti-Bitcoin culture at Vanguard is striking. Besides refusing to join the host of applicants for spot Bitcoin ETFs, the company also discontinued support for its trading on all of its supported platforms. Former CEO Buckley even hinted that the firm’s position against Bitcoin will outlive his tenure, adding a unique twist to the conversation.
Major financial giants in the country and abroad are joining the Bitcoin ETF bandwagon. Besides BlackRock, top banks like Morgan Stanley and UBS have unveiled their exposure to the asset class. Besides these two, top trading firm Susquehanna International Group has also revealed that it holds up to $1 billion spread across several spot Bitcoin ETF issuers.
Entities in Canada and Hong Kong have also unveiled disclosures on Bitcoin through recent 13F filings with the U.S. SEC. With these trends, it becomes evident that there is a major shift to these products, complimenting MicroStrategy’s aggressive accumulation spirit. While Vanguard is not losing out on the Bitcoin ETF hype, with Ramji as head of Vanguard, he might be unwilling to let go of the opportunity to invest in BTC.