Vanguard, the U.S. investing giant, has announced that it will not be launching a spot Bitcoin exchange-traded fund (ETF) as it does not align with the company’s investment philosophy. Salim Ramji, the new CEO of Vanguard, emphasized the importance of maintaining consistency in values and offerings. Ramji, who previously headed BlackRock’s global ETF division and oversaw the launch of the iShares Bitcoin Trust, will assume his role as CEO on July 8th.
Despite speculation about potential changes Ramji might bring to Vanguard due to his involvement in the cryptocurrency industry, the company has decided to view cryptocurrency as a young and speculative investment rather than launching a Bitcoin ETF. Vanguard currently manages $8.6 trillion in assets under management.
Bloomberg ETF expert James Seyffart expressed doubt that Ramji would introduce a spot Bitcoin ETF from Vanguard, but there is a possibility that the company’s stance on allowing customers to purchase additional spot Bitcoin ETFs on the brokerage platform may change under Ramji’s leadership.
In March, Tim Buckley, the outgoing CEO of Vanguard, stated that he believed a Bitcoin ETF should not be included in retirement savings portfolios due to its speculative nature.
