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Will Vanguard's appointment of former BlackRock index investment chief as CEO change its "no cryptocurrency" stance?

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Will Vanguard

The pioneer of ETFs, Vanguard, announced the appointment of former BlackRock executive Salim Ramji as the new CEO and board member, effective July 8. Will Vanguard's stance on "non-cryptocurrency" investments change as a result?

Salim Ramji Appointed Global Head of iShares at BlackRock

Tim Buckley is the President and CEO of Vanguard Group. He joined Vanguard in 1991 and became CEO in 2018, having served the company for 33 years. Buckley announced his resignation as Chairman and CEO in February, and now it has been announced that Salim Ramji will take over as the new CEO and board member, effective July 8.

Ramji brings over 25 years of experience in investment, capital markets, and wealth management, including a decade in senior leadership roles at BlackRock, where he served as the Global Head of iShares and Index Investments, overseeing two-thirds of the company's assets and growth.

Last summer, Ramji was interviewed on Bloomberg TV, discussing the prospects for a Bitcoin spot ETF with Bloomberg ETF analyst Eric Balchunas.

Will Vanguard's "No Cryptocurrency" Investment Stance Change?

As Bitcoin spot ETFs gained momentum in the U.S. earlier this year, attracting many traditional finance and millennial investors, Vanguard Group, a pioneer in ETFs, took a different approach by reinforcing its "No Cryptocurrency" investment policy, including pulling out of Bitcoin futures. This stance contrasts with financial institutions like BlackRock embracing cryptocurrency-related products.

ETF Inventor Steps Back! Vanguard Withdraws from Bitcoin Futures, Solidifying "No Cryptocurrency" Investment Stance

This marks Vanguard's first-ever appointment of an external CEO. However, Bloomberg ETF analyst James Seyffart believes this does not necessarily indicate that Vanguard will launch an ETF in the short term, but he speculates that Salim may pivot Vanguard's position, allowing clients to purchase Bitcoin spot ETFs on their brokerage platform.