Bitcoin SV (BSV) Drops 10% Following Robinhood Delisting

Robinhood announced that it will no longer support Bitcoin SV from January 25, sending the crypto sinking some 10%.

Robinhood emailed a statement to all its users stating it has decided to end support for Bitcoin SV ($BSV). The trading platform said it made the decision following a periodic review of the cryptocurrencies the platform offers.

Robinhood recommended its customers sell or, if possible, transfer their $BSV by the cutoff date of January 25. After the deadline, the trading platform said it would sell any remaining $BSV at market value and credit customers’ accounts.

$BSV dip

$BSV took a significant dip following the announcement from Robinhood around 1 pm CET. The crypto dropped from just above $44 to a low of $37.75 in three hours. Although up a bit since, $BSV is still trading below $40 and is down 11% in the past 24 hours.

Source: BeInCrypto

SBF’s Robinhood shares

Meanwhile, a significant portion of trading platform is caught up in the tribulations of former FTX chief Sam Bankman-Fried. Last year, he purchased 56 million Robinhood shares, a 7.6% stake in the company, for $648 million.

In spite of his previous commitment to making his former customers whole, Bankman-Fried insisted on keeping his Robinhood shares to pay his legal fees. However, the US Department of Justice recently confirmed that it had seized his 55 million shares.