U.S. investment app Robinhood announced today that all 11 spot bitcoin exchange-traded funds are available for both retirement and brokerage accounts.
“We believe crypto is the financial framework of the future and that increased access to Bitcoin BTC -0.61% via ETFs is a good thing for the industry,” Johann Kerbrat, general manager of Robinhood Crypto, said in the statement.
The investment platform’s CEO Vlad Tenev said on Wednesday that the Securities and Exchange Commission’s “milestone” approval opens doors to better risk management for customers in managing crypto investments.
Meanwhile, Vanguard said on Thursday that it would not allow users with its brokerage accounts to buy the ETFs, as they were “highly speculative,” “unregulated” and didn’t fit with the company’s long-term investing philosophy.
The 11 tradable spot bitcoin ETFs approved on Wednesday were funds from Bitwise, Grayscale, Hashdex, BlackRock, Valkyrie, BZX, Invesco, VanEck, WisdomTree, Fidelity and Franklin Templeton.
Robinhood reported $94.4 billion in assets under custody at the end of November 2023.
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