US-based prospects might now entry all 11 spot Bitcoin ETFs in each retirement and brokerage accounts by way of Robinhood Monetary.
Robinhood has stayed true to its phrase by itemizing all new spot Bitcoin exchange-traded funds (ETFs) on its platform. The US Securities and Change Fee (SEC) approved spot Bitcoin ETFs on Wednesday, together with funds from BlackRock, Grayscale, Constancy, Invesco, Valkyrie, Bitwise, Hashdex, BZX, VanEck, WisdomTree, and Franklin Templeton.
Shortly after the landmark decision by the SEC to approve these spot Bitcoin ETFs, Robinhood CEO Vlad Tenev revealed the corporate’s subsequent line of motion.
Thrilling replace from Washington immediately! As a pioneer in providing spot crypto buying and selling, Robinhood is thrilled concerning the @SECGov‘s determination to approve spot Bitcoin ETFs. We have been forward of the curve in crypto entry, and we plan to checklist these ETFs on @Robinhoodapp as quickly as…
— Vlad Tenev (@vladtenev) January 10, 2024
So, on January 11, the platform started providing the brand new class of spot Bitcoin ETFs. Because of this US-based prospects might now entry all 11 ETFs in each retirement and brokerage accounts by way of Robinhood Monetary. Moreover, the corporate mentioned that customers may commerce — purchase or promote — Bitcoin ETFs, the identical method they might when they’re enthusiastic about some other ETF or inventory.
Robinhood Seeks to Enhance Entry to Monetary Markets
In response to Robinhood, itemizing the brand new spot Bitcoin ETFs aligns completely with the core mission of the agency. That mission, as Chief Brokerage Officer Steve Quirk places it, focuses on providing elevated entry to the monetary markets to prospects. Thereby, giving them a wider depth of alternative.
That is precisely Robinhood’s goal for including assist for the newly-approved Bitcoin ETFs. Johann Kerbrat, GM of Robinhood Crypto additionally shares the identical sentiment. Kerbrat mentioned in a component assertion:
“We believe crypto is the financial framework of the future and that increased access to Bitcoin via ETFs is a good thing for the industry.”
In the meantime, it is perhaps price mentioning that the addition of spot Bitcoin ETFs has not stopped prospects from buying Bitcoin instantly. For that alternative, the agency assures that they could achieve this by way of Robinhood Crypto, which provides the bottom price to commerce crypto on common.
SEC’s Determination to Enhance Many Corporations
In the meantime, analysts have tipped the latest spot Bitcoin ETF approvals to be an enormous increase for a lot of firms. That features Robinhood, whose main income is inventory buying and selling.
In response to Dan Dolev, a senior analyst at Mizuho Securities, it’s seemingly that exchanges which were fast so as to add assist for the brand new ETFs will expertise elevated buying and selling volumes. That’s as a result of customers are anticipated emigrate to platforms like Robinhood, the place they will transact Bitcoin instantly.
No doubt, the state of affairs offers the likes of Robinhood an edge over competing exchanges as they’re anticipated to see considerably larger mainstream engagement with digital property.
