The U.S. Securities and Exchange Commission (SEC)-approved 11 spot Bitcoin (BTC) exchange-traded funds (ETFs) have been added by online broker Robinhood.
The company states you can now trade any approved exchange-traded fund on the platform.
An additional perk the site provides is a 1% incentive for users who move their brokerage account to Robinhood. Vlad Tenev, the CEO of the business, had earlier stated that Robinhood would list all 11 of the top Bitcoin ETFs “as soon as possible.”
The incorporation of cryptocurrency assets into TradFi is made easier by this method. Tenev adds that spot Bitcoin ETFs offer fresh chances to develop advanced risk management instruments that assist investors.
Spokespeople for financial giants Citigroup and UBS Bank have revealed intentions to give their customers access to spot Bitcoin ETFs. Eleven applications for spot exchange-traded funds based on the original Bitcoin have been authorized by the SEC.
The issuers that qualify are Bitwise, Grayscale, Hashdex, BlackRock, Valkyrie, BZX, Invesco, VanEck, WisdomTree, Fidelity, and Franklin Templeton. The SEC made Chairman Gary Gensler’s speech available along with the approval order.
He acknowledged the department’s choice but cautioned about the dangers. The approval order covers forms 19b-4; nevertheless, issuers need further S-1 approval before they can launch on the markets. The Commission is currently examining these documents, most likely in time for the auction to begin.
