Breaking News: Robinhood Adds All 11 Spot Bitcoin ETFs to its Trading App
In a major announcement today, Robinhood, the U.S. investment app, stated that it has made all 11 spot bitcoin exchange-traded funds (ETFs) available for both retirement and brokerage accounts. This move aims to provide increased access to Bitcoin and further strengthen the cryptocurrency industry.
Johann Kerbrat, general manager of Robinhood Crypto, expressed the belief that crypto will shape the financial framework of the future. He also stated that the availability of Bitcoin via ETFs is a positive development for the industry. The CEO of Robinhood, Vlad Tenev, praised the Securities and Exchange Commission’s approval, calling it a significant milestone that enhances risk management options for customers engaged in crypto investments.
On the other hand, Vanguard, a prominent investment platform, took a different stance. Vanguard announced that it will not allow users with brokerage accounts to invest in the spot Bitcoin ETFs. They cited reasons such as the ETFs being highly speculative, unregulated, and incompatible with their long-term investment philosophy.
The list of the 11 approved spot Bitcoin ETFs includes funds from renowned companies such as Bitwise, Grayscale, Hashdex, BlackRock, Valkyrie, BZX, Invesco, VanEck, WisdomTree, Fidelity, and Franklin Templeton. This broad range of options provides investors with diverse choices for accessing the growing cryptocurrency market.
Robinhood, with $94.4 billion in assets under custody as of November 2023, continues to expand its offerings and solidify its position as a leading investment platform in the digital era.