Robinhood unlocks Bitcoin ETF trading for its 23 million users
Robinhood said its new offerings would give customers greater flexibility to invest in Bitcoin.
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Robinhood, the prominent trading platform, has recently launched spot Bitcoin exchange-traded fund (ETF) trading for customers in the US. The move is part of its ongoing efforts to provide investors with more investment options and facilitate access to financial markets.
According to Robinhood’s latest announcement, the Robinhood Crypto app now opens trading for 11 spot Bitcoin ETFs, which were recently approved by the Securities and Exchange Commission (SEC). These new offerings are accessible through retirement and brokerage accounts via Robinhood Financial.
Investors can buy or sell spot Bitcoin ETFs like traditional ETFs or stocks while still retaining the option to purchase Bitcoin directly through Robinhood Crypto. Robinhood also guarantees that its crypto app offers the lowest average cost for crypto trading.
Steve Quirk, Chief Brokerage Officer at Robinhood, said the company is committed to enhancing customer choice and expanding market access.
“Providing expanded access to the financial markets and increasing customer choice are at the core of Robinhood’s mission,” said Quirk. “We’re excited to add support for various Bitcoin ETFs in both retirement and brokerage accounts.”
Quirk also highlighted Robinhood’s commitment to offering a flexible, low-cost, and well-supported platform for trading.
Johann Kerbrat, General Manager of Robinhood Crypto, expressed optimism about the role crypto has in shaping the financial sector.
“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,” said Kerbrat. “In addition to offering Bitcoin ETFs, customers who prefer to own Bitcoin themselves can select to buy it directly through Robinhood Crypto, where they will receive the lowest cost on average and can transfer funds in and out as they wish, if eligible.”
The latest listings came after Vlad Tenev, Robinhood CEO and Co-Founder, revealed a plan to list all approved spot Bitcoin ETFs on the Robinhood app yesterday. Tenev celebrated the Bitcoin ETF approval as a major step towards bridging the gap between crypto and traditional finance. He saw it as a catalyst for increased clarity, improved risk management, and increased access and investment opportunities for Robinhood’s customers.
Robinhood reported over 23 million Net Cumulative Funded Accounts as of November 2023. With the introduction of spot Bitcoin ETFs, the platform can potentially attract a broader customer base.