According to Robinhood, customers with brokerage and retirement accounts may now purchase spot Bitcoin ETFs.
U.S. investment platform All eleven of Robinhood’s spot bitcoin exchange-traded funds are now accessible for retirement and brokerage accounts, the company said today.
In a statement, Johann Kerbrat, general manager of Robinhood Crypto, expressed his belief that crypto is the future of finance and that more people having access to Bitcoin via ETFs is beneficial for the industry.
Vlad Tenev, CEO of the investing platform, said on Wednesday that consumers would be able to better control the risks associated with their cryptocurrency investments thanks to the Securities and Exchange Commission’s “milestone” clearance.
Meanwhile, Vanguard said on Thursday that the exchange-traded funds (ETFs) would not be available for purchase by customers using their brokerage accounts. The reason given was that the ETFs were “very speculative,” “unregulated,” and did not align with Vanguard’s approach to investing for the long term.
Bitwise, Grayscale, Hashdex, BlackRock, Valkyrie, BZX, Invesco, VanEck, WisdomTree, Fidelity, and Franklin Templeton were among the 11 funds whose spot bitcoin ETFs were licensed for trading on Wednesday. The total value of Robinhood’s assets held at the end of November 2023 was $94.4 billion.
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