2024-01-12 04:45:34 ET
In a swift move, Robinhood has fulfilled its commitment to users as all 11 spot Bitcoin ETFs approved by the SEC are now live on the platform.
However, amid the excitement, Vanguard has taken a different stance, announcing on Thursday that users with its brokerage accounts won’t be able to buy the spot Bitcoin ETFs.
Spot Bitcoin ETFs take centre stage on Robinhood
Less than 24 hours after Vlad Tenev’s promise that the platform would list the ETFs soon, Robinhood has successfully listed all 11 spot Bitcoin ETFs approved by the SEC. According to the announcement by Robinhood Markets, Inc. (NASDAQ:HOOD), retail investors across the United States can now seamlessly trade these ETFs in both retirement and brokerage accounts. Robinhood’s commitment to democratizing financial access is evident in its move to offer these ETFs with no commission, making it a cost-effective option for users.
While the debut trading day showcased impressive numbers with a total of 700,000 trades, Grayscale emerged as the leader with 246,340 trades and a massive $2.093 billion in volume. BlackRock closely followed with 174,720 trades. However, the bottom feeders, WisdomTree and Hashdex, witnessed 3,228 and 2,227 trades, respectively.
This trading frenzy far surpassed the debut of ProShares’ futures ETF in 2021, recording $4.11 billion in total traded volume, outstripping the $1.1 billion of ProShares.
Vanguard takes a different stance
Amid the excitement surrounding the spot Bitcoin ETFs, Vanguard, a major player in the financial industry, on Thursday announced that users with Vanguard brokerage accounts will not have the opportunity to buy the newly listed spot Bitcoin ETFs.
The move seems to have angered investors, with some opting to transfer their investments to other management firms that allow investing in the spot Bitcoin ETFs.
Vanguard’s move contrasts with Robinhood’s approach, reflecting diverse strategies among brokerage platforms regarding the adoption of these innovative financial products.
Robinhood’s entry into the spot Bitcoin ETF market aligns with its mission to expand financial market access for users. The platform’s commitment to offering diverse options, including the ability to purchase Bitcoin directly through Robinhood Crypto, underscores its dedication to providing a range of choices to investors.
As the spot Bitcoin ETFs continue to gain traction, the industry is witnessing varying responses from major players like Robinhood and Vanguard. The competition and contrasting approaches in this space underscore the evolving dynamics of the cryptocurrency and ETF markets.
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