As was previously reported, Robinhood has restricted trading on Gamestop (NYSE:GME), AMC Entertainment (NYSE:AMC), and other securities being targeted by Reddit traders. The move was designed to quell the excessive volatility and rapid price rise in shares that have been targeted by hedge funds with a short-selling strategy. Shares in Gamestop, as well as AMC, are currently tanking but it is not clear if this is due to Robinhood’s actions or simply traders are exiting the trade.
In light of this change by Robinhood, Bittrex has revealed it is now trading digital assets backed by shares in both GME and AMC thus creating an alternative path for traders boxed out by Robinhood.
Shares in Gamestop and AMC are not the only digital assets based on securities that Bittrex offers for trading. The digital asset exchange offers over 40 different securities for trading beyond crypto with tokens based on Apple, Tesla, Beyond Meat, and more available.
Bittrex is regulated in Lichtenstein and Bermuda and thus US investors may be blocked from trading in these securities but many other jurisdictions may be able to trade in these securities if they are interested.