FMP
Bitcoin Price Rises Amidst Weaker Dollar Following CPI Data
May 16, 2024 9:25 AM - Parth Sanghvi
Image credit: Art Rachen
The spot Bitcoin ETF ecosystem may soon get a new mega backer in Vanguard. Though speculative, the $7.7 trillion investment management company might chart a new era, seeing as it just named a new chief executive officer (CEO), Salim Ramji. Ramji is set to replace Tim Buckley, the leader who resisted the urge to embrace Bitcoin ETFs.
Salim has quite a pedigree, and he joins Vanguard from BlackRock (NYSE:BLK), where his last role involved overseeing the launch of BlackRock's iShares Bitcoin Trust (IBIT). On several occasions, Salim Ramji was caught expressing his perception of Bitcoin and the need to embrace new technologies on all fronts.
BlackRock's IBIT led the spot Bitcoin ETF inflows since the product's inception in January. Notably, Ramji has seen the potency of the product, and he might help overhaul how Vanguard embraces the product moving forward.
The anti-Bitcoin culture at Vanguard is striking. Besides refusing to join the host of applicants for spot Bitcoin ETFs, the company also discontinued support for its trading on all of its supported platforms. Former CEO Buckley even hinted that the firm's position against Bitcoin will outlive his tenure, adding a unique twist to the conversation.
Major financial giants in the country and abroad are joining the Bitcoin ETF bandwagon. Besides BlackRock, top banks like Morgan Stanley and UBS have unveiled their exposure to the asset class. Besides these two, top trading firm Susquehanna International Group has also revealed that it holds up to $1 billion spread across several spot Bitcoin ETF issuers.
Other Blogs
Jan 16, 2024 4:18 PM - Samuel Abdelshahid
Budget-Friendly Trading Laptops: Maximizing Value without Compromising Performance
In the hustle and bustle of the trading world, having a trustworthy laptop is like having a reliable partner by your side. Making well-informed decisions and staying ahead of market trends become second nature with the right device. However, the quest for a budget-friendly trading laptop t...
Jan 21, 2024 4:00 AM - Parth Sanghvi
Understanding Profitability Metrics: Exploring ROE, ROA, and Net Profit Margin
Introduction: In the world of financial analysis, a profound grasp of essential profitability metrics is vital. This blog delves into three pivotal metrics—ROE (Return on Equity), ROA (Return on Assets), and Net Profit Margin—offering clear insights without unnecessary complexity. Exploring RO...
May 14, 2024 11:41 AM - Sanzhi Kobzhan
The easiest way to calculate stock’s target price and why the target price is important.
A stock's target price, also known as its fair value, is an indication of what a share can cost based on the company’s forecasted financial statements. It is important to know a stock's fair value to find undervalued stocks with great growth potential. Let's consider how investment analysts calculat...
