- Robinhood to list spot Ethereum ETF, expanding to both brokerage and retirement accounts.
- Trading start for spot Ethereum ETF delayed due to pending checks after SEC approval.
- Experts predict spot Ethereum ETF trading volume will be less than half of Bitcoin ETFs.
The CEO of Robinhood, Vlad Tenev, has declared that a spot Ethereum ETF will be listed by the commission-free brokerage. This product will be offered by the brokerage for retirement accounts in addition to brokerage accounts. Only a day has passed since the US Securities and Exchange Commission (SEC) authorized eight spot Ethereum ETF products before this statement.
The spot Ethereum ETF has not yet seen any trading activity, even with the SEC’s approval. Over the course of four days, there was fast communication between the SEC and the stakeholders as part of an expedited approval process.
This quick pace has left several necessary checks pending. Therefore, there’s a chance that the spot Ethereum ETF’s trading opening will be postponed for a few weeks. It can take some time before the product starts trading, according to former SEC chairman Jay Clayton.
Robinhood’s Crypto Evolution
Robinhood is now a crucial marketplace for buying cryptocurrencies such as Shiba Inu (SHIB), Ethereum (ETH), and Bitcoin (BTC). Because of its commission-free trading options, the brokerage was among the first to support spot Bitcoin ETF products, which proved advantageous for regular investors.
Now, with the readiness to list the spot Ethereum ETF, Robinhood aims to expand its support further, enhancing accessibility for investors who wish to gain crypto exposure through brokerage and retirement accounts.
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
Read CRYPTONEWSLAND ongoogle news — Vlad Tenev (@vladtenev) May 24, 2024
Anticipation and Market Impact
The dynamics around spot Ethereum ETFs are still unfolding. Unlike the spot Bitcoin ETF products, which began trading shortly after approval, the spot Ethereum ETFs might see a slower start.
Experts predict that the trading volume for the spot Ethereum ETF will likely be less than half of what Bitcoin ETFs achieved when they opened in January. Meanwhile, various issuers have started listing their ETFs on the DTCC website, with tickers being revealed.
This development signals a potential trend, with more brokerage firms possibly joining Robinhood in listing spot Ethereum ETFs, which could impact the crypto market. The exact timeline for when trading will begin remains uncertain, but the anticipation is building among investors and market participants.
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