Vanguard’s newly appointed CEO, Salim Ramji, has confirmed that the company will not be launching a spot Bitcoin exchange-traded fund (ETF). Ramji, who previously led BlackRock’s global ETF business, stated that Vanguard values consistency and that crypto-related investment products do not align with the company’s investment philosophy. Despite his interest in crypto, Ramji’s move to Vanguard does not indicate any significant changes in the company’s approach. Vanguard, with its $8.6 trillion in assets under management, views cryptocurrency as a speculative investment and an immature asset class. While Ramji may not introduce a Vanguard spot Bitcoin ETF, he may reconsider the firm’s decision not to allow clients to purchase other spot Bitcoin ETFs on its brokerage platform. Previous pressure from customers following the launch of Bitcoin ETFs by rival firms did not change Vanguard’s position. However, Vanguard indirectly holds exposure to Bitcoin through its stake in MicroStrategy, where it is the second-largest institutional shareholder. Other investment firms are experiencing positive flows following Bitcoin’s recent 7% increase to $66,000 on May 16. Preliminary data shows that net inflows for May 15 across all U.S. spot Bitcoin ETFs, excluding BlackRock’s IBIT, exceeded $300 million.
Report: Vanguard's new CEO rules out Bitcoin ETF.