The US-based investing platform Robinhood has officially made all eleven spot bitcoin exchange-traded funds accessible to brokerage and retirement accounts. Johann Kerbrat, general manager of Robinhood Crypto, believes that cryptocurrencies will comprise the future financial structure. Enhanced accessibility to Bitcoin via ETFs is thus an urgent necessity for the relevant sector.
Vlad Tenev, the CEO of the investment platform, asserts that the landmark judgment rendered by the Securities and Exchange Commission will result in enhanced risk management pertaining to customers, as it will grant them greater authority over their cryptocurrency assets.
In the meantime, Vanguard issued a statement stating that brokerage account holders would not be permitted to purchase the ETFs due to their lack of stability. Furthermore, it lacked a valid license and aligned with the organization’s ambitious investment strategies for the future.
The spot bitcoin exchange-traded funds (ETFs) from Bitwise, Grayscale, BlackRock, Hashdex, Valkyrie, Invesco, BZX, VanEck, WisdomTree, Franklin Templeton, and Fidelity were among the eleven that were recently authorized for trading.
As of the end of November 2023, Robinhood disclosed assets under custody amounting to $94.4 billion.
Furthermore, trading application operator Robinhood Markets Inc. introduced commission-free cryptocurrency trading to European Union clients in the first week of December 2023.