On May 6, the financial services company Robinhood announced the firm has listed Grayscale’s Bitcoin Trust (GBTC) and Ethereum Trust (ETHE). Robinhood customers now have access to crypto investment products, allowing them to be exposed to bitcoin and ethereum even if they don’t own any of the currencies.
In Addition to Cryptos, Robinhood Adds Grayscale’s GBTC and ETHE
This week Robinhood added GBTC and ETHE to the company’s platform and the firm’s brokerage account customers can now buy or sell GBTC and ETHE stock and options commission-free.
You have two options to gain crypto access on the internet. @RobinhoodApp. Start trading $GBTCAnd $ETHE today. https://t.co/n09aiEVhqEhttps://t.co/6tFrYCsmzx pic.twitter.com/AxKH7xZ0nS
— Grayscale (@Grayscale) May 6, 2022
Robinhood has added GBTC to its portfolio of investment products. This follows the launch of the crypto wallet by the company in the first week. Robinhood published the following products on April 12, 2022: compound (COMP), shiba-inu (SHIB), polygons (MATIC), solana (SOL)
Barry Silbert was the founder and CEO at Digital Currency Group (DCG), Grayscale Investments’ parent company. He was delighted to see Robinhood listing GBTC as well as ETHE. “Finally,” Silbert tweeted. “You can now trade Grayscale Bitcoin Trust and Grayscale Ethereum Trust on Robinhood.”
Year to date statistics indicate that GBTC has fallen 46.63% while ETHE has dropped 44.08%. Grayscale filed recently a form 10 to the U.S Securities and Exchange Commission for a Zcash Trust and Stellar Lumens Trust.
Grayscale is currently trying to transform its trust into an Exchange-Traded Fund (ETF). The SEC is a hindrance to the creation of bitcoin spot ETFs. A U.S. regulatory body has not yet approved a bitcoin spot-ETF.
Grayscale Investments’ CEO Michael Sonnenshein recently explained in an interview that the SEC could possibly violate the Administrative Procedure Act if a bitcoin spot ETF is completely denied.
The firm’s chief legal officer, Craig Salm, described what the conversion process would look like if the trust became an ETF. “GBTC share prices will likely move to trade in line with NAV,” Salm detailed. “Then, the shares would be uplisted from OTCQX to NYSE Arca,” the chief legal officer added.
Grayscale Investments also invites people to join the effort to convince the U.S. regulator that GBTC can be converted to an ETF.
Prior to adding Grayscale’s Bitcoin Trust and Ethereum Trust, Robinhood started its European expansion and recently acquired the UK crypto company Ziglu. Additionally, last month the co-founder and CEO of Robinhood, Vladimir Tenev, discussed how DOGE could scale with Tesla’s Elon Musk.
Let us know your thoughts about Robinhood’s plans to add GBTC/ETHE. Comment below and let us know how you feel about the subject.
Credits for the imageShutterstock. Pixabay. Wiki Commons
DisclaimerThis information is provided for educational purposes only. This is not an invitation to purchase or sell directly, nor a suggestion or endorsement of products, services or companies. Bitcoin.com doesn’t offer investment, tax or legal advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.
