With new CEO, will Vanguard reconsider its spot Bitcoin ETF stance?
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BlackRock’s IBIT led the spot Bitcoin ETF inflows since the product’s inception in January. Notably, Ramji has seen the potency of the product, and he might help overhaul how Vanguard embraces the product moving forward. The anti-Bitcoin culture at Vanguard is striking. Besides refusing to join the host of applicants for spot Bitcoin ETFs, the company also discontinued support for its trading on all of its supported platforms. Former CEO Buckley even hinted that the firm’s position against Bitcoin will outlive his tenure, adding a unique twist to the conversation.
Major financial giants in the country and abroad are joining the Bitcoin ETF bandwagon. Besides BlackRock, top banks like Morgan Stanley and UBS have unveiled their Entities in Canada and Hong Kong have also unveiled disclosures on Bitcoin through recent 13F filings with the U.S. SEC. With these trends, it becomes evident that there is a major shift to these products, complimenting MicroStrategy’s aggressive accumulation spirit.
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