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In less than 24 hours since Vlad Tenev, Chief Executive Officer of Robinhood, promised to list spot Bitcoin ETFs, the 11 approved active products are now live for trading on the app. As the firm announced, retail investors can now purchase the ETFs, and it specifically stated that the ETFs are available to both retirement and brokerage accounts.
Robinhood said users of its app who want to purchase the spot Bitcoin ETFs can do so as they would buy any regular stock or ETF. Just as it is known, Robinhood is offering a no-commission trading on the ETFs. This makes Robinhood one of the cheapest venues to buy the newly launched financial product.
The trading app said users can also still purchase Bitcoin directly despite the ETF listing, noting its commitment to democratizing access to the most relevant financial products around. While Robinhood operates in many markets, the firm confirmed that the 11 spot Bitcoin ETFs are only available to its customers residing in the United States.
In line with regulatory demands, Robinhood detailed the risk disclosures associated with the spot Bitcoin ETFs as required by the United States Securities and Exchange Commission (SEC).
Bitcoin ETFs debut trading day: Key data
The first trading day for all 11 spot Bitcoin ETFs was impressive both in terms of expected trading count and volume.
According to Bloomberg Senior ETF Analyst Eric Balchunas, the total trading counts for the ETFs recorded came in at 700,000, with Grayscale’s offering leading the pack with a total of 246,340 trades. BlackRock followed closely with 174,720 as the bottom feeders, WisdomTree and Hashdex, witnessing 3,228 and 2,227 trades, respectively.
In terms of volume, Grayscale also took the lead with a massive $2.093 billion as the total traded amounted to $4.11 billion. This far outstrips the $1.1 billion recorded by ProShares’ futures ETF when it went live for trading in 2021.
Source: https://u.today/robinhood-lists-all-spot-bitcoin-etfs-for-trading-details