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Robinhood, the US-based financial services company headquartered in California, announced recently that it intends to start offering the newly-approved Bitcoin spot ETFs as soon as possible. The company’s CEO, Vlad Tenev, made the announcement soon after the US Securities and Exchange Commission revealed the ETFs’ approval, raising excitement among the investment app’s community members.
Vlad Tenev, CEO of the investment app #Robinhood, said that the firm will begin offering spot #bitcoin exchange-traded funds as quickly as it can 🔥
Aane do aane do…sabko aane do😏
The GAME has just began 😌 pic.twitter.com/xP5AhyAPxl
— Ajay Kashyap (@EverythingAjay) January 11, 2024
ETF approvals will bring clarity to the market, says Robinhood CEO
The SEC approved 11 spot Bitcoin ETFs, which are set to start trading imminently, and Tenev said on X that his investment app is a pioneer in offering spot crypto trading. As such, Robinhood cannot pass the opportunity to be among the first who will list Bitcoin ETFs. He also added that Robinhood is thrilled about the SEC’s decision, highlighting its importance for the crypto market.
He believes that the approval of ETFs will finally bring clarity to the market, and also pave the way for more sophisticated financial tools. The tools will be crucial for things like risk management, and it will be highly beneficial for the platform’s customers, who will use them to manage their digital asset investments.
Robinhood has already prepared new educational materials focusing on Bitcoin, ETFs, and risk management in order to provide adequate support for the new offering. The company has taken the educational initiative as part of its broader approach to make sure that its customers will be well-informed, protected, and equipped with proper knowledge, which would allow them to make informed investment decisions.
Robinhood reports a surge in trading volume in December
As mentioned, the US SEC has approved 1 Bitcoin ETF, meaning that there is now a large and diverse group of providers. The ETFs in question come from some of the biggest names in the financial industry, led by BlackRock, which is accompanied by Bitwise, Grayscale, Hashdex, Valkyrie, VanEck, BZX, WisdomTree, Invesco, Franklin Templeton, and Fidelity.
The approval also came at just the right time to enable the continuation of the crypto rally, which brought a surge in trading volumes on Robinhood last month, according to the company’s report. The broker said that it had observed a 75% rise in crypto trading in December, compared to November figures.
This marks a reversal from a previous trend, where each month has seen a further drop in volumes. At the same time, the boost also comes in contrast to fiat trading volumes in options and equity during the same period.
The increase in trading volumes came along the rally of crypto prices last month, which has seen a 50% surge in the total market cap of the industry, allowing it to climb to $1.6 trillion in the past two months.
