Vanguard, one of the world’s largest investment firms, has appointed Salim Ramzi, who previously led and helped launch BlackRock’s ETF business, as its new CEO. Spot Bitcoin ETFIBIT in January.
Just in: Vanguard names former BlackRock CEO Salim Ramzi as new CEO #bitcoin ETF lead.
Previously, Vanguard declined to offer BTC ETFs 👀 pic.twitter.com/KEq7KeJ3q7
— Bitcoin Magazine (@BitcoinMagazine) May 15, 2024
Ramji will replace outgoing Vanguard CEO Tim Buckley. Mr. Buckley has publicly criticized Bitcoin and opposed offering Bitcoin ETF products to his clients.
Under Mr. Buckley’s leadership, Vanguard refused to provide brokerage clients with access to the SEC-approved U.S. Spot Bitcoin ETF.
Ramzi’s appointment, scheduled to take effect on July 8, signals a possible change in the social landscape. vanguard’s stance. As head of his iShares division at BlackRock, Mr. Ramzi oversaw the launch of his iShares Bitcoin Trust ETF.
Ramzi spoke positively about the technology behind Bitcoin and its potential to remove friction in financial markets.
Given his experience pioneering Bitcoin ETFs at BlackRock, many are wondering if he will promote a similar product at Vanguard in the future.
According to Bloomberg ETF analysts Eric Balchunasbringing on Bitcoin-friendly Ramzi means the door is “further open” for Vanguard to accept Bitcoin.
The company offers index funds and ETFs to both retail and institutional investors.
As a huge player in the ETF space with over $7 trillion in global assets under management, Vanguard’s launch of the Spot Bitcoin ETF will be an important milestone for further mainstream adoption.
