Showing interest in handling Bitcoin spot ETFs
Robinhood Markets in the US is planning to handle Bitcoin spot ETFs (exchange traded funds), according to CEO Vlad Tenev’s comments on X (formerly Twitter). “As a leader in crypto access, we intend to quickly bring these ETFs to the Robinhood app,” Tenev said.
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 approved Bitcoin spot ETFs are a total of 11 stocks issued by well-known funds such as BlackRock, Bitwise, Grayscale, and Hashdex. As a result of market competition, the initial period fee has been reduced to 0.0%. The ETFs are scheduled to begin trading on the 12th and will be accessible through brokerage services such as Morgan Stanley’s E-Trade and Fidelity Investments.
With these treatments, Robinhood could attract an additional customer base, potentially creating a new wave of investment fever similar to the one seen with the GameStop stock trading boom and other meme stocks in early 2021. do not have.
Tenev added: “The introduction of Bitcoin ETFs will further the integration of cryptocurrencies and traditional finance, providing customers with sophisticated risk management tools in managing their digital assets.”
Robinhood began trading cryptocurrencies in 2018, focusing on Bitcoin and Ethereum. Later, during the bull market, the addition of Dogecoin and other coins caused further excitement.
connection:“DOGE, ETC, BCH” virtual currencies handled by major US investment app Robinhood soar across the board
Tenev said Robinhood continues to provide its customers with educational materials about Bitcoin, ETFs, and risk management strategies to help them improve their investment knowledge.
According to Robinhood’s Q2 2023 earnings report, the number of monthly active users on its app decreased from 14 million in the same period last year to 10.8 million. However, apart from the amount of assets under management, it still outperforms its competitors in terms of number of users.
connection:All 11 Bitcoin ETFs listed, SEC approved for first spot ETF in US history
What is the US GameStop stock turmoil?
An incident in which members of Reddit’s r/wallstreetbets forum and small investors, including Robinhooders (users of the Robinhood app), engaged in a buying and selling war with a major hedge fund. Many hedge funds had been shorting GameStop’s stock on a large scale, but the stock price skyrocketed due to intensive buying activity by Reddit users and Robinhooders. As a result, these hedge funds faced a “short squeeze” in which they bought back stocks at higher prices.
Amid the turmoil, Robinhood made the decision to temporarily restrict trading in certain stocks, including GameStop. The move received strong criticism from Robinhood users and the media, sparking a broader debate about the role and responsibilities of online trading platforms.
Learn about Bitcoin ETFs from the beginning: Explaining the advantages and disadvantages of investing and how to buy US stocks
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