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Salim Ramji, the new CEO of Vanguard, has announced that the company will not be launching crypto ETFs, a move that highlights Vanguard's steadfast approach to safeguarding investor interests.
Vanguard CEO Confirms No Plans for Crypto ETFs
The CEO of the second-largest issuer of exchange-traded funds (ETFs), The Vanguard Group, Salim Ramji, has stated that the company intends to remain out of the bitcoin ETF frenzy.
Ramji told ETF.com in an interview that took place on August 14th:
“We will not be launching crypto ETFs.”
Ramji’s Leadership Marks Shift in Vanguard Strategy
Based on data from stockanalysis.com, Vanguard is the world's second-largest ETF provider with almost $2.7 trillion in assets under management (AUM), behind only Blackrock. The position of chief executive officer at Vanguard was filled on May 14 by Ramji, a former executive at Blackrock, who succeeded Tim Buckley.
In his statement, Ramji said:
“I’m not going to copy competitors. It’s important that a company stay consistent with who they are,”
Amidst a rush of cryptocurrency, exchange-traded funds (ETFs) listed by major sponsors like Blackrock, Vanguard's omission stands out. The iShares Bitcoin Trust (IBIT) was introduced by Blackrock in January, and the iShares Ethereum Trust (ETHA) was introduced in July. According to Morningstar, the funds currently have an AUM of around $21 billion and $800 million, respectively.
In 2024, Bitcoin ETFs experienced unprecedented influxes of capital. The funds experienced "more than three times the largest one-year inflow of any ETF ever in the history of ETFs," according to Grayscale's asset manager and global head of ETFs, Dave LaValle, who made the announcement on August 12. "So we’re talking about massive, massive adoption."
Morgan Stanley and other well-known wealth managers have bought into cryptocurrency exchange-traded funds (ETFs), which has increased the exposure and credibility of the asset class among investing professionals.
"A lot of huge investors, like sovereign wealth funds and pension funds, are poised to invest in ETFs," Katalin Tischhauser, head of investment research at cryptocurrency bank Sygnum, told Cointelegraph. "Crypto will eventually become a part of model portfolios, with products tailored to different risk profiles."
Focus on Retirement Income and Drawdown Strategies
To set itself apart, Vanguard will prioritize products that shield investors from potential losses.
According to Ramji, "the industry hasn’t done much to help on drawdowns," while the company has been concentrating on assisting clients in amassing assets. "I want to focus on new products like retirement income and other drawdown strategies with a range of tools and advice."
