New CEO at Vanguard
Salim Ramji, who previously headed the ETF division at BlackRock and launched the iShares Bitcoin Trust ETF, has been appointed as Vanguard's new CEO. This decision is particularly notable as Vanguard, under the leadership of outgoing CEO Tim Buckley, has so far resisted the launch of Bitcoin ETFs. Buckley has often expressed skepticism about Bitcoin, while Ramji has a positive view of Bitcoin technology and its efficiency benefits for the financial sector.
Outlook on changes
Ramji's appointment, effective July 8, signals a potential shift toward a more bitcoin-friendly stance at Vanguard. The company, which plays a significant role in the ETF market with over $7 trillion in assets under management, has so far declined to give its clients access to SEC-approved spot bitcoin ETFs in the U.S. But with Ramji at the helm, industry observers such as Bloomberg's Eric Balchunas suggest Vanguard may now be more likely to launch similar bitcoin-focused products, which could pave the way for greater adoption of bitcoin in mainstream investment portfolios.
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