On January 12, online broker Robinhood enabled trading for all eleven SEC-approved spot Bitcoin ETFs for its US clients.
Excited about the Bitcoin ETF news? All 11 are now available on Robinhood: https://t.co/hDdECIUz70
And when you transfer your brokerage account into Robinhood you get a 1% bonus on us: https://t.co/2mExIfm5T9. Terms apply. pic.twitter.com/bZ6TbAzNhN
— Robinhood (@RobinhoodApp) January 12, 2024
“We believe cryptocurrency is the financial foundation of the future, and expanding access to Bitcoin through ETFs is beneficial for the industry,” stated Johann Kerbrat, head of Robinhood Crypto.
He noted that users still have the option to purchase digital assets directly through the app.
On January 10, the SEC approved the launch of these products. Robinhood co-founder and CEO Vlad Tenev described this as “exciting news.”
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
“We have been at the forefront of crypto access and plan to list these ETFs as soon as possible,” the entrepreneur wrote at the time.
However, not all representatives of the traditional financial sector have embraced the launch of Bitcoin ETFs in the US with enthusiasm.
For instance, Vanguard, one of the world’s largest investment companies, has imposed a direct ban on client transactions with these products. Robinhood hinted at this in their listing announcement on X.
In December, the online broker reported a roughly 75% increase in cryptocurrency trading volumes on its platform over the month.