Benzinga - Robinhood Inc (NASDAQ:HOOD) on Thursday confirmed the inclusion of all 11 approved spot Bitcoin (CRYPTO: BTC) exchange-traded funds (ETFs) for its customers, accessible through both retirement and standard brokerage accounts.
What Happened: This followed the January 10 approval by the SEC, marking the ETFs as tradable throughout the United States in various account types.
Johann Kerbrat, Robinhood Crypto’s General Manager Johann Kerbrat, in a post said, “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."
Robinhood’s CEO Vlad Tenev, referred to the SEC’s action as a “milestone” approval on Wednesday, suggesting that it paves the way for improved risk management opportunities for clients investing in cryptocurrencies.
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
The SEC-approved spot bitcoin ETFs include offerings from renowned financial entities such as Bitwise, Grayscale, Hashdex, BlackRock, Valkyrie, BZX, Invesco, VanEck, WisdomTree, Fidelity, and Franklin Templeton.
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Why It Matters: Clients of Robinhood will have the option to trade Bitcoin ETFs much like any stock or traditional ETF.
Kerbrat added, “In addition to offering Bitcoin ETFs, customers who prefer to own Bitcoin themselves can elect 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."
Price Action: At the time of writing, BTC was trading at $46,050.65 up 0.38% in the last 24 hours, according to Benzinga Pro.
Photo via Shutterstock.
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