update 18 August 2021

Bittrex Global Lists tokenized stocks of GameStop and AMC Entertainment

Popular bitcoin exchange Bittrex Global has announced its plans to tokenize all stocks delisted on  Robinhood. The Bermuda based exchange revealed this today in a press release as it looks to take advantage of the backlash against Robinhood.

Bittrex Intends to List all Delisted Stocks on Robinhood

Bittrex revealed that it had listed tokenized stocks of GameStop and AMC Entertainment recently delisted on Robinhood. The exchange also revealed that tokenized stocks of Nokia, BlackBerry, and iShares Silver Trust had been added to its platform.  CM-Equity will facilitate this as the custodian for the actual stock.

Bittrex further stated that the latest development was part of the company’s goal for retail investors. With the listing of these delisted tokenized stocks, retail investors can trade them any day of the week. The exchange also wants to use the power of blockchain technology to enable greater financial inclusion with the decision.

Speaking on the development, Bittrex Global CEO Tom Albright believes that it represents a  change from the current financial system. ‘’The current situation feeds into the narrative that the financial system is rigged against the little guy. We believe blockchain, decentralization, and cryptocurrencies will finally put retail investors on an equal footing with financial institutions who have been gaming the markets for decades,” He said. 

Albright further stated that Bittrex intends to tokenize every stock that gets delisted from platforms like Robinhood.  “We intend to list every stock that gets delisted from platforms like Robinhood so that even small investors have the same opportunities afforded to multibillion-dollar financial institutions. He concluded. 

Will other Exchanges Follow Suit?

The decision of Bittrex Global to list GameStop and AMC Entertainment tokenized stocks is clearly a business-related one. The two stocks have surged in popularity in the past 24hours and even generated the White House’s attention.  

A group of retail investors on Reddit had joined forces to pump the price of GMC in recent days. This move surprised hedge fund owners on Wall Street, leading to losses for firms that had shorted. In a surprising move leading US retail investment platform RobinHood suspended trading of these stocks leading to a massive backlash. 

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Bittrex will be hoping that more investors will use its platform by listing tokenized stocks of AMC and Gamestop. It is most likely that other crypto exchanges will list the stocks’ tokenized forms in the coming days.