Robinhood Wants to Make Stock Markets Like Crypto: 24 Hours a Day
Robinhood customers can place their first trades once the feature rolls out in June
OpturaDesign/Shutterstock modified by Blockworks
Robinhood now offers equities trading 24 hours a day, five days a week for certain stocks. This could be seen as a bid to get traditional assets caught up with digital assets, which can be bought, sold and exchanged 24/7 on numerous exchanges, including Robinhood Crypto.
The company is calling it the 24 Hour Market, and will first be available to all customers by June. Though, a “subset” of users will be selected to test the feature next week starting on Tuesday, according to a statement from Robinhood.
Robinhood further explained that the feature allows limit orders on certain stocks, namely, the most traded single-name equities and ETFs.
“Using [the] 24 Hour Market, people can place limit orders to buy whole shares of 43 of the most traded ETFs and individual stocks– such as TSLA, AMZN and AAPL,” the company statement read. “Trading hours will run from 8:00 pm ET on Sunday to 8:00 pm ET on Friday.”
Robinhood told Blockworks via email that the entire list of stocks and ETFs will be made available on Tuesday when the 24-hour trading platform debuts.
As for Robinhood’s broader business, Blockworks previously reported on May 10 that the publicly traded company’s first quarter earnings saw its assets under custody grow to $78 billion. Crypto assets under custody for Robinhood clients totaled $11.5 billion in the first quarter, a significant increase from its $8.4 billion through year end 2022.
Blockworks reached out to Robinhood for comment on its new 24 hour trading feature but didn’t receive an immediate response.
Updated May 12, 2023 at 5:28 pm ET: Added comment from Robinhood.
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