On-line dealer Robinhood has added all 11 spot Bitcoin (BTC) ETFs permitted by U.S. Securities and Trade Fee (SEC).
In line with the corporate, all permitted exchange-traded funds are actually out there for buying and selling on the platform.
As one other profit, the platform affords a 1% bonus when customers switch their brokerage account into Robinhood.
Earlier than this, the corporate’s CEO, Vlad Tenev, noted that Robinhood would record all 11 spot Bitcoin ETFs “as quickly as doable.” This answer facilitates the mixing of crypto property into TradFi. Additionally, in keeping with Tenev, spot Bitcoin ETFs present new alternatives to create refined threat administration instruments that profit traders.
Representatives of UBS Financial institution and monetary conglomerate Citigroup additionally introduced plans to supply their purchasers with entry to identify Bitcoin ETFs.
The SEC has permitted 11 functions for spot exchange-traded funds primarily based on the primary cryptocurrency. Eligible issuers embrace Bitwise, Grayscale, Hashdex, BlackRock, Valkyrie, BZX, Invesco, VanEck, WisdomTree, Fidelity, and Franklin Templeton. Together with the approval order, the SEC launched Chairman Gary Gensler’s speech. He confirmed the division’s choice, however added a warning in regards to the dangers.
The approval order covers Kinds 19b-4, however issuers require further S-1 approval to launch on the exchanges. The Fee is at present checking these paperwork, in all probability in time for the public sale’s opening.