Robinhood Stock Jumps On Creation of 24-Hour Exchange, Bitcoin Surge: Retail Unfazed
By Stocktwits Inc | First Published Nov 29, 2024, 10:24 PM ISTThe SEC has approved the creation of 24X National Exchange by 24 Exchange, backed by Steve Cohen's Point72 Ventures.
Shares of Robinhood ($HOOD) were up over 3% in Friday’s morning trade after a start-up received the green light to set up a new 24-hour exchange from the Securities and Exchange Commission (SEC) and Bitcoin ($BTC.X) continued its rally towards the $100,000 mark.
The SEC granted approval for the creation of 24X National Exchange by 24 Exchange, backed by Steve Cohen‘s Point72 Ventures, following the startup’s second application attempt.
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The new exchange will allow the trading of U.S. securities 23 hours a day, five days a week, but not on weekends.
The approval comes as momentum for extended trading hours continues to build. Robinhood is attributed for initially sparking the trend during the pandemic, and earlier this month, Charles Schwab Corp. ($SCHW) followed suit, announcing plans to offer 24-hour trading for all S&P 500 and Nasdaq-100 stocks by 2025.
Big exchanges also want some of the action. Last month, Intercontinental Exchange, owner of the New York Stock Exchange (NYSE), revealed plans to extend its NYSE Arca electronic platform to 22 hours a day, five days a week, though the SEC is yet to approve the move.
Meanwhile, crypto trade picked up on Thanksgiving with equity markets shut for the holiday. Bitcoin crossed $98,450 on Friday morning, as Algorand's ($ALGO.X) price hit a two-year high with total value locked (TVL) and open interest hitting record highs.
Retail sentiment around the stock improved to ‘neutral’ from ‘bearish’ a day ago, though message volumes remained subdued.
Robinhood’s stock has quadrupled in value so far this year, far outperforming the broader markets.
Wall Street is mostly bullish on the stock expecting it to broaden its offerings and grow under the incoming Trump administration, given that President-elect Donald Trump plans to shuffle the leadership at the SEC and was seen as crypto-friendly during his campaign.
Trump reportedly also has plans to create a crypto-specific advisory role in the White House to overlook policy matters for digital assets.
As President Trump's deregulatory agenda takes shape, brokerages, exchanges, and start-ups may have more competition in the round-the-clock trading space.
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Read also: Chip Stocks Rise Amid Reports Of Eased U.S. Sanctions, Despite Bernstein's Downgrades: Retail Sentiment Split
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