January 13, 2024

Robinhood Adds All 11 Spot Bitcoin ETFs to Trading Platform

Robinhood has recently introduced spot bitcoin exchange-traded funds (ETFs) for users with both retirement and brokerage accounts, according to an official announcement from the investment app.

In a recent statement, U.S. investment app Robinhood disclosed that it now provides access to all 11 spot bitcoin ETFs for clients holding retirement and brokerage accounts. Johann Kerbrat, the general manager of Robinhood Crypto, expressed the belief that cryptocurrency represents the future financial landscape, and the increased availability of bitcoin through ETFs is a positive development for the industry.

Vlad Tenev, the CEO of the investment platform, highlighted the Securities and Exchange Commission's recent approval as a significant milestone. He emphasized that this approval enhances risk management capabilities for customers dealing with cryptocurrency investments.

Contrastingly, Vanguard announced on Thursday that users with its brokerage accounts would not be able to purchase the ETFs. The company justified this decision by categorizing the ETFs as "highly speculative", "unregulated", and inconsistent with Vanguard's long-term investing philosophy.

The 11 spot bitcoin ETFs approved on Wednesday include offerings from Bitwise, Grayscale, Hashdex, BlackRock, Valkyrie, BZX, Invesco, VanEck, WisdomTree, Fidelity, and Franklin Templeton.

As of the end of November 2023, Robinhood reported assets under custody totaling $94.4 billion.

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