The new Chief Executive of United States investment giant Vanguard has confirmed the company will not reverse its decision against launching a spot Bitcoin exchange-traded fund (ETF).

Vanguard’s incoming CEO, Salim Ramji—formerly the head of BlackRock’s global ETF business—expressed in an interview with Barron’s on May 15 that Vanguard prioritizes consistency and its “investment philosophy” does not support crypto-related investment products.

“I think it’s important for firms to have consistency in terms of what they stand for and the products and services they offer,” stated Ramji, who will officially assume the role of Vanguard’s CEO on July 8. “I have heard [Chief Investment Officer] Greg Davis’ explanation, and I think it is entirely consistent with Vanguard’s investment philosophy.

It is a logical and consistent point of view.” Previously, Ramji supervised the launch of BlackRock’s spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), in January, which has since accumulated $18 billion in assets under management.

Ramji’s interest in crypto has been well-documented, leading industry observers to speculate about potential changes at Vanguard following his appointment.

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