Vanguard’s new CEO, Salim Ramji, has dismissed suggestions that he might reverse the investment firm’s decision against launching a spot Bitcoin exchange-traded fund (ETF) despite his favorable stance towards cryptocurrencies.

Ramji’s appointment on May 14 sparked speculation that Vanguard might reconsider its anti-Bitcoin stance. Bloomberg’s senior ETF analyst Eric Balchunas noted:

“[Ramji] has expressed interest in digital assets, though it’s uncertain if Vanguard’s stance will change. But he will be the CEO now. The door is much more open now IMO.”

Ramji, formerly with BlackRock’s ETF division and instrumental in launching BlackRock’s spot Bitcoin ETF IBIT, left his position there in January. However, in a May 15 interview with Barrons, Ramji indicated he would uphold Vanguard’s existing approach:

“I will maintain consistency with Vanguard’s investment philosophy and the products and services they offer.”

Earlier this year, Vanguard opted against offering Bitcoin ETFs, citing Bitcoin’s immaturity and its inconsistency with the firm’s long-term investment strategy. Former CEO Tim Buckley clarified that Vanguard’s stance remains unchanged, particularly as it pertains to Bitcoin ETFs not being suitable for long-term or retirement portfolios.

Ramji’s commitment to Vanguard’s current position may disappoint clients who were hopeful for a shift. Nate Geraci, president of the ETF Store, observed:

“Ramji did not specify whether Vanguard would allow spot Bitcoin ETFs on its brokerage platform, which does not appear promising.”