Surprising Bitcoin Decision from 7 Billion Financial Giant: CEO Said We Are Not at This Table!

Vanguard, which manages $7.7 trillion worth of assets, reiterated its decision on Bitcoin (BTC) investments.

Vanguard, which stands out as the world's second largest asset management company, reiterated that it does not plan to issue a spot Bitcoin ETF. Vanguard CEO Salim Ramji, in an interview with ETF.com, said that the company does not plan to issue or invest in spot Bitcoin ETFs.

Ramji stated that they will not chase competitors like BlackRock, while emphasizing that they may consider giving a chance to different innovations other than cryptocurrency ETFs:

I will not copy competitors. It is important for a company to remain consistent with its own identity. But I want more innovation. Vanguard has had active funds since its early days and is one of the largest active management firms. Jack Bogle's 'cost matters hypothesis' is something we will always keep in mind. We will not launch cryptocurrency ETFs.

Vanguard CEO Tim Buckley left his position on July 8 and was replaced by Salim Ramji.

Buckley and the company's CIO Greg Davis had previously stated in a press release that they were not keen on spot Bitcoin ETFs and did not want to enter this sector.

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