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Robinhood has now added all 11 spot Bitcoin ETFs approved by the SEC to its platform. This move allows customers across the United States to trade these ETFs in both retirement and brokerage accounts through Robinhood Financial.
Steve Quirk, Chief Brokerage Officer at Robinhood, emphasized the company’s commitment to broadening market access:
“Providing expanded access to the financial markets and increasing customer choice are at the core of Robinhood’s mission, which is why we’re excited to add support for various Bitcoin ETFs in both retirement and brokerage accounts.”
Robinhood Expands Crypto Offerings, Adding Freshly Approved Bitcoin ETFs
Quirk highlighted the flexibility Robinhood offers, allowing customers to trade stocks, ETFs, and crypto on their terms, with no commissions and round-the-clock support.
Johann Kerbrat, GM of Robinhood Crypto, also spoke about the importance of these additions. He stated:
“We believe crypto is the financial framework of the future and that increased access to Bitcoin via ETFs is a good thing for the industry.”
Kerbrat noted that while offering Bitcoin ETFs, Robinhood also allows customers to buy Bitcoin directly through Robinhood Crypto, providing them with the lowest average cost for crypto trades and the ability to transfer funds as needed.
Simultaneously, Robinhood is making strides in the European market by launching crypto trading services in the European Union.
This expansion introduces 26 cryptocurrencies, including tokens like SOL, MATIC, and ADA, associated with Solana, Polygon, and Cardano blockchains, respectively. This move is part of Robinhood’s strategy to extend its influence in the global digital asset market.
Read more: Coinbase Vs Robinhood: Which Is The Best Crypto Platform?
Ark Innovation Fund Unloads HOOD Shares
In a related development, Cathie Wood’s Ark Innovation ARKK fund sold 341,592 shares of Robinhood worth nearly $4.3M on January 11, 2024.
This sale came as Robinhood shares traded at $11.17, retreating from a long-term high above $13. This decision by Ark Invest appears to be a normal profit-taking measure. It may also reflect a loss of confidence in HOOD prices moving much higher anytime soon.
Robinhood (HOOD) price chart 1Y. Source: TradingViewThese developments at Robinhood represent a major leap in its journey to democratize finance. By embracing cryptocurrency and expanding globally, Robinhood continues to play a pivotal role in the investment and crypto sectors.
With the introduction of Bitcoin ETFs and the expansion into new markets, Robinhood is set to redefine the boundaries of retail investing, further cementing its position as a fintech leader.
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