- Spot Ethereum ETF approval process completed rapidly in four days, trading has not commenced due to pending regulatory checks.
- Robinhood to include Ethereum ETF in brokerage and retirement offerings, enhancing accessibility to cryptocurrency investment options.
Vlad Tenev, CEO of Robinhood, confirmed that the brokerage is ready to list a new spot Ethereum ETF. This announcement followed the approval by the United States Securities and Exchange Commission (SEC) of eight such products. The approval process, completed rapidly in just four days, underscores a quick response from the SEC in coordinating with the necessary parties involved.
The @SECGov has approved another class of crypto ETFs 🎉 and we’re ready. Once trading begins, @robinhoodapp will support ETH ETFs in both brokerage and retirement accounts. It’s important to us to give customers access to invest in crypto how they want. pic.twitter.com/WWJBUH1YCY
— Vlad Tenev (@vladtenev) May 24, 2024
Currently, the spot Ethereum ETF has not begun trading. Several regulatory checks need to be completed before it can go live. Market expert Jay Clayton anticipates that the start of trading for the spot Ethereum ETF might be delayed for several weeks. Tenev has stated that Robinhood will incorporate the ETF into its brokerage and retirement offerings once trading commences, aiming to broaden access to this cryptocurrency product.
Historically, Robinhood has expanded its services beyond its initial focus, becoming a significant platform for buying cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Shiba Inu (SHIB). The platform was one of the pioneers in supporting the spot Bitcoin ETF, which benefited retail investors by offering commission-free trading.
The market’s reaction to the spot Ethereum ETF contrasts with that of the spot Bitcoin ETF, which began trading immediately after its approval. The quick launch of the Bitcoin ETF capitalized on the market’s enthusiasm, demonstrated by a significant influx of investments, with BlackRock experiencing an inflow streak that lasted over 70 days.
Wall Street’s response to the Ethereum ETF has been positive, with expectations that other brokerage firms will also start listing these products soon. Although it is not clear when trading will start, industry analysts expect that the trading volume of the spot Ethereum ETF may reach up to half of that seen by the Bitcoin ETF when it first traded in January.
The recently approved Ethereum ETFs will be available on Robinhood when they become tradable 🚨
Not the same for your other broker? Transfer into Robinhood and get a 1% bonus. https://t.co/2mExIfm5T9. Terms apply.
— Robinhood (@RobinhoodApp) May 24, 2024
As the financial community anticipates the trading of these ETFs, various issuers have begun to list their products on the DTCC website, revealing their ticker symbols to the public. This development reflects the growing integration of cryptocurrency-based investment products into mainstream financial services.
