Retail trading platform Robinhood has made available the newly approved spot Bitcoin exchange-traded funds (ETFs) to its customers. In a press release, Robinhood announced that the 11 BTC ETFs, which were greenlit by the Securities and Exchange Commission (SEC), can now be accessed through both retirement and brokerage accounts on its platform. Robinhood CEO Vlad Tenev stated that these new financial products aim to integrate cryptocurrency and traditional finance, offering clarity and sophisticated risk management tools for customers. The company also provides educational materials on Bitcoin, ETFs, and risk management strategies. Robinhood aims to deliver a safe, cost-effective, and trustworthy crypto experience in 2024.
The SEC recently approved all 11 spot Bitcoin ETFs that were under consideration. The approved applicants include BlackRock, Fidelity, Grayscale, VanEck, Bitwise, Franklin, Valkyrie, Hashdex, Ark Invest, WisdomTree, and Invesco Galaxy. These firms worked with the SEC for several months to refine their proposals. While the regulator had previously approved the launch of Bitcoin futures ETFs in October 2021, it had denied all spot Bitcoin ETF applications until this week.
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