Robinhood, the commission-free trading platform, has announced that it will offer its retail customers access to all 11 spot Bitcoin ETFs that were recently approved for trading. This move comes just a day after the U.S. Securities and Exchange Commission (SEC) approved the ETFs, indicating that Robinhood was already preparing for this development.
The company has confirmed that the ETFs from Bitwise, Grayscale, Hashdex, BlackRock, Valkyrie, BZX, Invesco, VanEck, WisdomTree, Fidelity, and Franklin Templeton will be available to all customers in the United States. These will be accessible in both retirement and brokerage accounts through Robinhood Financial. Customers will also have the option to buy Bitcoin directly through Robinhood Crypto.
Steve Quirk, Chief Brokerage Officer at Robinhood, expressed his excitement about the new addition, stating that providing expanded access to the financial markets and increasing customer choice are at the core of Robinhood’s mission. The company’s general manager has described crypto as the future framework, a sentiment shared by many in the crypto community. The introduction of ETFs affirms this as traditional investors and institutions get involved in revolutionary financial technology.
CEO Vlad Tenev described the approval of the ETFs as a “milestone” that enhances the integration of cryptocurrencies with traditional finance. He noted that the product offered clarity and avenues for “sophisticated risk management tools that benefit our customers in managing their digital asset investments.”
Since November, Robinhood has seen a 75% increase in crypto trading volumes from the previous month. This trend is expected to continue as more investors take interest in Bitcoin. This is already evident with Grayscale, BlackRock, and Fidelity leading a historic debut of Bitcoin ETFs in the U.S., with a record-breaking $4 billion trading volume on the first day.
However, not all companies have embraced ETFs. Vanguard, with $7.7 trillion in global assets under management, has declined to offer the product, sparking backlash from the community.
In the wake of the ETF launch, Bitcoin rallied to reach $48,000 hours after the ETFs began trading. However, the digital asset met resistance at this point, suggesting it is capped at this level. Popular Bitcoin analyst PlanB has set $55K as the initial target for BTC, with an all-time high of $100K set for the end of the year. At the time of press, BTC is trading at $45,816 after a 1% drop in the last 24 hours. On the weekly chart, the crypto king is still up by nearly 5%.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Steve Quirk, PlanB, Vlad Tenev |
| Companies | VanEck, WisdomTree, Grayscale, BZX, Hashdex, Invesco, Google, Valkyrie, BlackRock, Fidelity, Vanguard, Crypto News Flash, Bitwise, U.S. Securities and Exchange Commission, Robinhood, Franklin Templeton |
| Currencies | Bitcoin |
| Securities | None |
