Robinhood opens all 11 spot Bitcoin ETFs for trading

2024-01-12 00:10:15

Online broker Robinhood has added all 11 spot Bitcoin (BTC) ETFs approved by U.S. Securities and Exchange Commission (SEC).

According to the company, all approved exchange-traded funds are now available for trading on the platform.

As another benefit, the platform offers a 1% bonus when users transfer their brokerage account into Robinhood.

Before this, the company’s CEO, Vlad Tenev, noted that Robinhood would list all 11 spot Bitcoin ETFs “as soon as possible.” This solution facilitates the integration of crypto assets into TradFi. Also, according to Tenev, spot Bitcoin ETFs provide new opportunities to create sophisticated risk management tools that benefit investors.

Representatives of UBS Bank and financial conglomerate Citigroup also announced plans to provide their clients with access to spot Bitcoin ETFs.

The SEC has approved 11 applications for spot exchange-traded funds based on the first cryptocurrency. Eligible issuers include Bitwise, Grayscale, Hashdex, BlackRock, Valkyrie, BZX, Invesco, VanEck, WisdomTree, Fidelity, and Franklin Templeton. Along with the approval order, the SEC released Chairman Gary Gensler’s speech. He confirmed the department’s decision, but added a warning about the risks.

The approval order covers Forms 19b-4, but issuers require additional S-1 approval to launch on the exchanges. The Commission is currently checking these documents, probably in time for the auction’s opening.

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