Popular retail brokers Robinhood Markets Inc HOOD has listed two new cryptocurrency products.
What happened: In a statement on Friday Barry SilbertFounder of Grayscale parent company Digital Currency Group (DCG), said Robinhood has the Grayscale Bitcoin Trust Conditions and grayscale Ethereum trust ETH.
Finally! You can now trade Grayscale Bitcoin Trust and Grayscale Ethereum Trust on Robinhood$GBTC $ETHE https://t.co/MzOJxvI7GG
— Barry Silbert (@BarrySilbert) May 6, 2022
GBTC is the world’s largest Bitcoin fund with $23 billion in assets under management. As of November, the fund had over $43 billion in assets under management. The fund trades over-the-counter like a stock and derives its value from the price of Bitcoin.
See also: BEST BITCOIN TRUSTS TO INVEST
GBTC is also the investment vehicle of choice for institutions that are looking Bitcoin BTC/USD exposure. Files showed that in March MorganStanley MRS had overtaken Invest Ark to become GBTC’s largest shareholder.
Industry watchers believe Grayscale is a strong contender to have the first spot Bitcoin ETF approved by the SEC.
price action: YTD GBTC is down 26% and ETHE is down 39.4%. According to data from Benzinga Pro, Bitcoin traded at $33,700 and ether ETH/USD was trading at $2,470.
Photo Courtesy: Robinhood
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