The Man Who Built BlackRock’s Bitcoin ETF Now Runs the $10T Fund That Refused to List It

• Vanguard’s crypto strategy is entering a new phase with its first-ever Head of Digital Assets role focused on blockchain, tokenization, and digital asset infrastructure
• CEO Salim Ramji built BlackRock’s IBIT, the world’s largest Bitcoin ETF at $50B AUM, before joining Vanguard, the $10T fund that blocked Bitcoin ETFs from its platform when they launched in January 2024
• Vanguard already holds indirect Bitcoin exposure as Strategy’s largest shareholder and opened third-party crypto ETF access to 50M+ clients in December 2025, with no own-brand Bitcoin ETF planned yet

For years, Vanguard stood apart from Wall Street’s race into crypto. While rivals launched Bitcoin ETFs and blockchain initiatives, the investment giant argued digital assets didn’t fit its long-term philosophy. This stance is beginning to look less rigid. Vanguard’s crypto strategy has taken another step forward with the firm’s first dedicated digital assets leadership role. It has raised fresh questions about where the $12 trillion asset manager sees the industry heading next.

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Why Vanguard’s First-Ever Head of Digital Assets Role Signals More Than a Job Posting

Vanguard has begun searching for its first Head of Digital Assets. This is a senior executive who will shape the firm’s long-term approach to blockchain technology, tokenization, stablecoins, digital wallets, custody, and blockchain-enabled settlement.

The position goes well beyond research. According to the job posting, the executive will help build a multi-year roadmap, work across product and compliance teams, advise senior leadership, and represent Vanguard in discussions with regulators and industry groups. The latest hiring marks another step in Vanguard’s crypto strategy.

The hiring comes after several small but notable shifts. In late 2025, Vanguard began allowing clients to trade third-party cryptocurrency ETFs and mutual funds. This gave millions of brokerage customers access to digital asset products without launching one of its own.

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Salim Ramji’s BlackRock Background Adds Another Layer

The appointment is drawing attention largely because of who now leads the firm. Vanguard CEO Salim Ramji previously headed BlackRock’s iShares business, overseeing the launch of BlackRock iShares Bitcoin Trust (IBIT). This has grown into the world’s largest spot Bitcoin ETF. According to SoSoValue, US spot Bitcoin ETFs collectively now manage more than $77 billion in net assets.

Despite Ramji’s crypto background, Vanguard has repeatedly said it has no plans to introduce a Bitcoin ETF. Speaking shortly after taking over as CEO, he said that the decision remained consistent with the firm’s long-term investment philosophy.

Despite this, the new role suggests Vanguard is preparing for a financial system where digital infrastructure matters, whether or not it launches crypto investment products. The mandate covers areas already attracting significant institutional investment. This includes tokenized real-world assets, a market that industry tracker RWA.xyz values at over $30 billion.

Vanguard isn’t rolling out its own crypto products yet. Instead, it’s putting the pieces in place as institutional crypto adoption continues to reshape traditional finance. For now, Vanguard’s crypto strategy appears to be focused on building infrastructure rather than launching new investment products.

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