Incoming Vanguard CEO Won’t Reverse Decision Not to Launch Bitcoin ETF

Salim Ramji, who is set to take over the reins of Vanguard from outgoing CEO Tim Buckley on July 8, was quick to pour cold water on the idea that the asset management giant intends to introduce its own spot bitcoin ETF.

“I think it’s important for companies to be consistent in terms of what they stand for and the products and services they offer,” Salim Ramji told Barron’s. “I heard [CIO] Greg Davis’ statement and I think it’s completely consistent with Vanguard’s investment philosophy. “This is a logical and consistent point of view.”

It wasn’t Vanguard’s decision not to launch its own bitcoin ETF that caused so much buzz; rather, it was because the company did not offer its customers trading access to any of the numerous spot products that became available on January 11 of this year. Ramji did not touch on this issue in the interview.

Ramji headed the global iShares business at BlackRock and was instrumental in the company’s decision to propose and seek approval for a spot bitcoin ETF. He left BlackRock in January.

Read more: Vanguard Appoints Openly Anti-Crypto, Bitcoin-Friendly Former BlackRock Exec as CEO