US trading giant Robinhood is adding two cryptocurrency-related products to its offering for retail investors.
Investment asset manager Greyscale announced that the company’s traditional investment vehicles for Bitcoin (BTC) and Ethereum (ETH) will be launched on trading app Robinhood.
There are two new ways to access crypto on @RobinhoodApp. You can start trading $GBTC and $ETHE today. https://t.co/n09aiEVhqEhttps://t.co/6tFrYCsmzx pic.twitter.com/AxKH7xZ0nS
— Grayscale (@Grayscale) May 6, 2022
Grayscale Bitcoin Trust (GBTC) digital currency investment product, originally called Bitcoin Investment Trust, was founded in September 2013 and offers institutional investors access to Bitcoin without the need for them to personally purchase or store it. Currently, the Grayscale BTC Trust has $23.2 billion in assets under management (AUM).
Meanwhile, Grayscale Ethereum Trust (ETHE) was founded in December 2017 and now has $8.4 billion in assets under management.
Last October, Grayscale announced its intention to convert its Bitcoin trust into an exchange-traded fund (ETF), with Dave LaValle, the company’s global head of ETFs, saying:
“GBTC proves there is strong investor demand for physically backed Bitcoin investment vehicles.”
In November, the US Securities and Exchange Commission (SEC) received a filing that banking giant Morgan Stanley had significantly increased its GBTC holdings.
Back in January, Vlad Tenev, CEO of Robinhood, mentioned the platform’s goal of adding crypto-related products to its platform.
Robinhood states that at the time of writing, GBTC price is down 1.08% and is trading at $24.75, while ETHE is down 1.6% at $19.76.
Bitcoin itself continues the sell-off that began early Thursday when the price was above $39,000, down 2.22% on the day and changing hands for $36,189 at the time of writing.
Ethereum is also struggling, falling sharply from Thursday’s high of $2,937 and currently trading at $2,711.
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