Vanguard CEO won’t ‘copy competitors,’ no plans for crypto ETFs

Vanguard’s new boss is underscoring a commitment to preserving fundamentals by ruling out the launch of crypto ETFs despite rival inclinations.

Vanguard’s new CEO Salim Ramji has made it clear that the investment giant has no plans to launch crypto exchange-traded funds, setting the company apart from rivals that have eagerly entered the crypto space.

In a recent interview with ETF.com, Ramji emphasized that Vanguard will not “copy competitors” and will remain true to its core principles by focusing on long-term strategies. Despite the rise in crypto ETF offerings from firms like BlackRock, Ramji emphasized the importance of consistency with Vanguard’s traditional approach, which prioritizes asset classes like stocks, bonds, and cash.

“I’m not going to copy my competitors. It’s important for a company to stay consistent with who it is. Vanguard has to look through the eyes of our clients.”

Salim Ramji

While other major investment firms have been quick to offer bitcoin ETFs after the U.S. Securities and Exchange Commission approved such products in January, Vanguard remains aloof from the trend. In a previous blog post, executives Janel Jackson and Andrew Kadjeski reiterated that Vanguard views cryptocurrencies as speculative assets that are not suitable for long-term investment.

Former Vanguard CEO Tim Buckley has also previously highlighted the risks associated with Bitcoin’s (BTC) volatility and instability as a store of value and reaffirmed that the company will not integrate such products into its offerings.

As of press time, BlackRock has accumulated over $20 billion in liquidity in its spot Bitcoin ETF, known as the iShares Bitcoin Trust ETF, according to data from ETF Datalist. It is followed by Grayscale and Fidelity with $13.7 billion and $10.4 billion in liquidity, respectively.