Robinhood CEO Confirms Readiness To List Spot Ether ETF
Highlights
- Robinhood CEO said the firm is ready to list spot Ethereum ETF
- The brokerage will list the product for both brokerage and retirement accounts
- Actual trading day remains unknown and might take weeks
It is barely 24 hours since the United States Securities and Exchange Commission (SEC) approved 8 spot Ethereum ETF products. With this approval, Robinhood CEO Vlad Tenev has confirmed readiness to list the product.
Spot Ethereum ETF Not Trading Yet
The process that led to the approval of the spot Ethereum ETF product was on an accelerated basis. This means that the communication between the US SEC and the stakeholders named for the ETF was fast-paced, occurring within just about 4 days.
This accelerated approach implied that all the required checks that is required before the spot Ethereum ETF can start trading remain on hold. As projected by top market leaders like Jay Clayton, the actual trading might not happen for spot Ethereum ETF product until after several weeks.
To Tenev, once trading starts, Robinhood will support the product in both brokerage and retirement products. This is bound to boost the accessibility to the product, reiterated by his stance to permit investors to gain exposure to crypto, however, they want.
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
Robinhood is not primarily a crypto native brokerage. However, it has evolved to become one of the most important avenues to purchase Bitcoin (BTC), Ethereum (ETH), and Shiba Inu (SHIB) among others. With its support for crypto, it was one of the first to support spot Bitcoin ETF products as retail investors benefitted from its free trading options.
The dynamics surrounding the spot Ethereum ETF products is just shaping up. In contrast, the spot Bitcoin ETF products began trading the same week the approval was granted. This helped translate the hype from the runup to the approval into the first day of trading where BlackRock resumed what turned out to be more than a 70-day inflow streak.
Wall Street Support for ETH ETF
Robinhood might be one of the first to reveal the plans to list spot Ethereum ETF products, there is a likelihood that more brokerage houses will join the trend soon.
While the exact timeline for trading resumption remain unknown, experts have speculated on what to expect per projected trading volume. The conservative estimation is that spot ETF will take less than half of Bitcoin’s volume when trading opened in January.
In the meantime, different issuers have started listing their ETF on DTCC website with tickers being revealed.
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