Robinhood and Major Exchanges Set to List Bitcoin ETFs

Trading app Robinhood is applauding the Securities and Exchange Commission (SEC) for its apparent shift in policy to approve spot Bitcoin Exchange-Traded Funds (ETFs).

Vlad Tenev, the CEO of Robinhood, expressed his excitement about the SEC's decision in a series of tweets, calling it an "exciting update from Washington."

In his enthusiastic tweets, Tenev conveyed Robinhood's thrill regarding the SEC's decision and emphasized the company's commitment to staying at the forefront of providing access to cryptocurrencies.

He announced the intention to list the approved ETFs on the Robinhood platform, signaling an expanded range of investment options for its user base.

Tenev underscored that the SEC's approval represents more than just a regulatory nod; it symbolizes the convergence of cryptocurrencies with traditional finance. According to the Robinhood CEO, this move brings much-needed clarity to the crypto market and establishes a regulatory framework that paves the way for sophisticated risk management tools.

On another note, BlackRock has officially confirmed its plans to launch on Thursday, January 11, according to information shared with Blockworks via email.

Dominik Rohe, Head of Americas iShares ETF and Index Investing business at BlackRock, highlighted that the launch of the Inverse Bitcoin ETF (IBIT) will provide investors with a cost-effective and convenient avenue to access bitcoin.

Meanwhile, Leah Wald, CEO of Valkyrie, expressed the firm's readiness for the launch, describing themselves as "locked and loaded," even though the team might face a sleepless night preparing for the event.

Moreover, six of the recently approved spot bitcoin ETFs are poised to trade on the Cboe BZX Exchange, including notable offerings such as Ark 21shares Bitcoin ETF, Invesco Galaxy Bitcoin ETF, Vaneck Bitcoin Trust, Wisdomtree Bitcoin Fund, Fidelity Wise Origin Bitcoin Fund, and Franklin Bitcoin ETF.

The Cboe's publication of New Issue Notifications on its website signals the formal listing and commencement of trading for these ETFs as new issues, scheduled for Thursday, January 11.

On the NYSE Arca exchange, Grayscale Bitcoin Trust, Bitwise Bitcoin ETF, and Hashdex Bitcoin ETF will be available for trading.

Notifications from the NYSE also confirm the trading initiation of Grayscale Bitcoin Trust and Bitwise Bitcoin ETF on the same day.

Hashdex, in a unique approach, is converting its existing ETF into a bitcoin ETF, creating the Hashdex Bitcoin ETF through the conversion of its earlier-launched Hashdex Bitcoin Futures ETF on the NYSE in 2022.

The run-up to the launch saw several potential issuers, including BlackRock, Invesco (in collaboration with Galaxy Digital), Valkyrie, Fidelity, and WisdomTree, filing fresh amendments to their S-1s in late December. These amendments disclosed crucial details essential for the successful launch of their respective funds, shedding light on the authorized participants involved in the process.

By embracing SEC oversight over Bitcoin ETFs, Robinhood and other retail trading platforms anticipate significantly higher mainstream engagement with digital assets.