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- Robinhood has confirmed it will be offering its retail customers access to all 11 spot Bitcoin ETFs approved earlier this week for trading.
- The commission-free trading platform describes crypto as the financial framework of the future.
Robinhood, the commission-free trading platform, has begun offering 11 spot Bitcoin ETFs for trading. The platform announced this just a day after the U.S. Securities and Exchange Commission (SEC) approved all 11 ETFs. This suggests that Robinhood, like most parties involved with crypto, was already working on the product in anticipation of approval.
The company confirmed that all 11 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 in both retirement and brokerage accounts through Robinhood Financial. Of note, customers will still have the choice to buy Bitcoin directly through Robinhood Crypto.
Steve Quirk, Chief Brokerage Officer at Robinhood celebrated the new addition, stating;
Providing expanded access to the financial markets and increasing customer choice are at the core of Robinhood’s mission, which is why we’re excited to add support for various Bitcoin ETFs in both retirement and brokerage accounts,
The company’s general manager has described crypto as the future framework. This is 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 after the approval of the ETFs described the move as a “milestone” that enhances the integration of cryptocurrencies with traditional finance. He further noted that the product offered clarity and avenues for “sophisticated risk management tools that benefit our customers in managing their digital asset investments.”
Exciting update from Washington today! As a pioneer in offering spot crypto trading, Robinhood is thrilled about the @SECGov's decision to approve spot Bitcoin ETFs. We've been ahead of the curve in crypto access, and we plan to list these ETFs on @Robinhoodapp as soon as…
— Vlad Tenev (@vladtenev) January 10, 2024
Beginning in November, Robinhood has celebrated surging crypto trading volumes. Volume from November had seen a 75% increase from the previous month amid bullish sentiments. These volumes will likely keep rising as more investors take interest in Bitcoin over the coming weeks and months.
This is already evident as seen 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.
While Robinhood and some revolutionary companies have embraced ETFs, some, most notably, $7.7 trillion in global assets under management, Vanguard, has declined to offer the product sparking backlash from the community.
I have 8 years worth of 401K savings at @Vanguard_Group from my time as an employee at Google.
I will be rolling over these funds to @Fidelity.
Vanguard's paternalistic blocking of Bitcoin ETFs does not fit in with my investment philosophy. https://t.co/eKmgo0xK5h
— yuga.eth 🛡 (@yugacohler) January 11, 2024
Bitcoin ETFs Pave Way for $50K
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.
I expect $55k bitcoin at halving, $100k in 2024, $532k in 2025:https://t.co/TSo7TpNfzb pic.twitter.com/mQaXM5Qabb
— PlanB (@100trillionUSD) January 10, 2024
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%.
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