BTC ETF Approval Welcomed by Robinhood Crypto
The approval of Bitcoin (BTC) exchange-traded funds (ETFs) has been hailed as a positive development for the cryptocurrency industry by Johann Kerbrat, general manager of Robinhood Crypto. He stated that ETFs provide better risk management for customers in managing their crypto investments. The CEO of Robinhood, Vlad Tenev, also expressed his support for the milestone approval by the Securities and Exchange Commission.
Vanguard Refuses to Allow Users to Buy BTC ETFs
In contrast, Vanguard announced that it would not permit users with brokerage accounts to purchase the newly approved BTC ETFs. The company deemed these products as highly speculative, unregulated, and incompatible with their long-term investing philosophy.
11 Tradable BTC ETFs Approved
The 11 spot Bitcoin ETFs that received approval include offerings from Bitwise, Grayscale, Hashdex, BlackRock, Valkyrie, BZX, Invesco, VanEck, WisdomTree, Fidelity, and Franklin Templeton.
Robinhood Reports $94.4 Billion in Assets Under Custody
Robinhood revealed that it had $94.4 billion in assets under custody as of November 2023.
About the Author
Danny Park is an East Asia reporter at The Block specializing in Web3 developments and crypto regulations in the region. He has previous experience reporting on the downfall of Terra-Luna and FTX for Forkast.News. Danny is based in Seoul and holds a Bachelor’s degree in Journalism and Business Marketing from the University of Hong Kong.
Hot Take: BTC ETF Approval Signals Mainstream Adoption
The approval of Bitcoin ETFs marks a significant milestone for the cryptocurrency industry. It opens doors to better risk management and paves the way for mainstream adoption. While some companies like Vanguard remain skeptical, others, like Robinhood, see the potential benefits for customers in managing their crypto investments. With 11 tradable BTC ETFs now available, investors have more options to participate in the crypto market. This development further solidifies Bitcoin’s position as a legitimate asset class and may attract more institutional and retail investors.
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