The Bitcoin ETF spot ecosystem could soon get a new mega sponsor in Vanguard. Although speculative, the $7.7 trillion investment management firm could chart a new era as it just named a new chief executive officer (CEO), Salim Ramji. Ramji is ready to replace Tim Buckley, the leader who resisted the temptation to adopt Bitcoin ETFs.
The Bitcoin ETF spot ecosystem could soon get a new mega sponsor in Vanguard. Although speculative, the $7.7 trillion investment management firm could chart a new era as it just named a new chief executive officer (CEO), Salim Ramji. Ramji is ready to replace Tim Buckley, the leader who resisted the temptation to adopt Bitcoin ETFs.
Salim has a strong pedigree and joins Vanguard from BlackRock, where his last role involved overseeing the launch of BlackRock’s iShares Bitcoin Trust (IBIT). On several occasions, Salim Ramji was caught expressing his perception of Bitcoin and the need to adopt new technologies on all fronts.
BlackRock’s IBIT led Bitcoin ETF spot inflows since the product’s inception in January. In particular, Ramji has seen the power of the product and could help review how Vanguard adopts the product in the future.
The anti-Bitcoin culture at Vanguard is surprising. In addition to refusing to join the crowd of Bitcoin spot ETF applicants, the company also suspended support for its trading on all of its supported platforms. Former CEO Buckley even hinted that the company’s stance against Bitcoin will survive his tenure, adding a unique twist to the conversation.
Major financial giants at home and abroad are jumping on the Bitcoin ETF bandwagon. In addition to BlackRock, major banks such as Morgan Stanley and UBS have disclosed their exposure to this asset class. In addition to these two, major trading firm Susquehanna International Group has also revealed that it has up to $1 billion spread across several spot Bitcoin ETF issuers.
Entities in Canada and Hong Kong have also revealed disclosures about Bitcoin through recent 13F filings with the US SEC. With these trends, it is evident that there is a major shift towards these products, complementing the aggressive spirit of accumulation of MicroStrategy. While Vanguard is not losing its enthusiasm for Bitcoin ETFs, with Ramji as head of Vanguard, it may not be willing to pass up the opportunity to invest in BTC.
