The Shift: Under new CEO Salim Ramji (ex-BlackRock, who helped launch their blockbuster iShares Bitcoin Trust or IBIT), Vanguard is responding to massive client demand and regulatory green lights. Spot Bitcoin ETFs have pulled in nearly $200 billion since 2024, with 2025 inflows hitting billions monthly pressure that’s hard to ignore. IMO: Vanguard demand discount after JPMorgan Note: Institutions will buy the assets now