Vanguard posted a job as first head of digital assets, focusing on tokenization. $10T manager blocked Bitcoin ETFs. CEO Ramji helped launch BlackRock's Bitcoin ETF.
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Vanguard posted a job for its first head of digital assets Monday. The role sits inside the firm's Personal Wealth division. According to the job listing, the executive will lead Vanguard's digital assets strategy and serve as its senior subject matter expert on tokenization, stablecoins, custody, and blockchain-based settlement. The hire will also represent Vanguard in discussions with regulators and industry groups.
The move marks a shift for the $10 trillion asset manager. Vanguard spent years as one of crypto's most prominent institutional skeptics. It blocked spot Bitcoin ETFs from its brokerage platform when they launched in January 2024. Executives at the time called crypto inconsistent with a long-term investment philosophy. Late last year, Vanguard reversed course and started allowing brokerage clients to trade crypto ETFs.
Rivals moved faster. BlackRock, Fidelity, and Franklin Templeton all rolled out spot Bitcoin ETFs after the SEC approved them in 2024. BlackRock's iShares Bitcoin Trust became the largest such fund.
The change in direction follows a change in leadership. Salim Ramji took over as Vanguard CEO in July 2024. Before joining Vanguard, Ramji ran BlackRock's iShares unit. He helped launch the iShares Bitcoin Trust.
The job description's emphasis on tokenization and stablecoins points to a focus on infrastructure, not speculative trading. Tokenization could reduce settlement times and costs for Vanguard's push into private markets and alternative assets. The firm's size means its posture on crypto influences how other large asset managers approach the space. If Vanguard engages actively with regulators on tokenization rules, it could accelerate the development of a clearer U.S. framework.
The job was posted Monday. No timeline for filling the role has been disclosed.
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