One of the massive issues for buyers in Coinbase Global is that the launch of spot bitcoin exchange-traded funds would damage its most important crypto brokerage.
At one competitor, that’s not been the case. Robinhood Markets
HOOD,
CFO Jason Warnick stated the spot bitcoin ETF hasn’t damage demand elsewhere.
Related: Robinhood’s inventory soars as retail buyers wade again into the market
“So far, we’re seeing nice interest in the ETFs, but we think it’s additive,” he stated, in keeping with a transcript compiled by S&P Global Market Intelligence. “About 5% of our overall trading in crypto is through the ETF, with 95% still being on spot trading through the crypto business. And that’s stabilized.”
On the ETFs, he added: “We think it increases overall market interest in crypto and also brings liquidity to the market. So net-net, we’re really pleased with the Bitcoin ETFs.”
Granted, crypto is a small a part of Robinhood’s enterprise. In January, for instance, it averaged 1.7 million fairness trades, 0.7 million choices trades and 0.3 million crypto trades per day.
Coinbase shares
COIN,
have drifted because the Jan. 11 spot bitcoin ETF launch, although over 52 weeks they’ve greater than doubled.
In premarket commerce, Coinbase rallied 7%.
Coinbase reviews outcomes on Thursday, although that’s for the fourth quarter when the spot bitcoin ETFs weren’t available on the market. It’s because of take shareholder questions.
Source web site: www.marketwatch.com
