Direct Bitcoin trading is still more popular than ETFs for Robinhood users, says its financial chief Jason Warnick amid better-than-expected Q4 2023 results.
Robinhood traders haven’t taken to spot Bitcoin (BTC) exchange-traded funds (ETFs), with the bulk of crypto trading on the platform remaining in spot Bitcoin, says the company’s financial chief.
On a Feb. 13 earnings call for Robinhood’s Q4 2023 results, chief financial officer Jason Warnick said only 5% of its user’s crypto trading occurs by way of Bitcoin ETFs, with the other 95% opting for direct spot Bitcoin trading.
“We saw it was mostly additive. There were some traders that sold out of [trading] spot and got an ETF, but that was really more of the exception,” Warnick said. “Overall, we don’t view this as cannibalization. It’s additive.”