Robinhood Markets Inc (NASDAQ:HOOD) Chief Financial Officer, Jason Warnick, on Tuesday addressed the role Bitcoin (CRYPTO: BTC) exchange-traded-funds have begun to play following their addition to the trading platform.
What Happened: During an earnings call on Tuesday, Warnick, in a response to analyst Alex Markgraf, emphasized the platform’s success in offering all 11 Bitcoin ETFs from the get-go—a move that he believes was beneficial to their customers. According to Warnick, these new offerings haven’t detracted from traditional Crypto trading, as most users still prefer engaging with cryptocurrencies directly.
Warnick revealed that the Bitcoin ETFs account for “about 5% of our overall trading in crypto,” with the remainder being traditional, or “spot,” crypto trading activities. While some users have shifted from spot to ETFs, Warnick assured this was more of the exception, underscoring that the ETFs were ...