On May 6, financial services firm Robinhood announced that the company has listed Grayscale’s Bitcoin Trust (GBTC) and Ethereum Trust (ETHE). Robinhood clients can now access crypto investment products for exposure to Bitcoin or Ethereum without actually owning the cryptocurrency.
In addition to Cryptos, Robinhood adds GBTC and ETHE from Grayscale
Robinhood this week added GBTC and ETHE to the company’s platform and clients of the company’s brokerage account can now buy or sell GBTC and ETHE shares and options without commission.
Grayscale May 6 2022
Robinhood is adding GBTC and ETHE investment products after the company rolled out its crypto portfolio during the first week of April. On April 12, 2022, Robinhood listed Shiba Inu (Ship), Composite (Comb), Polygon (Matic), and Solana (Solana).
Barry Silbert, founder and CEO of Digital Currency Group (DCG), the parent company of Grayscale Investments, was pleased to see Robinhood’s list of GBTC and ETHE. “Finally,” Silbert chirp. “You can now trade Grayscale Bitcoin Trust and Grayscale Ethereum Trust on Robinhood.”
Statistics since the beginning of the year show that GBTC is down 46.63% and ETHE is down 44.08%. Grayscale recently filed Form 10 with the US Securities and Exchange Commission (SEC) for the Zcash Trust, Stellar Lumens Trust, and Horizen Trust.
Grayscale is also in the midst of trying to convert its trust into an Exchange Traded Fund (ETF). However, the Securities and Exchange Commission (SEC) has been an obstacle to the emergence of Bitcoin ETFs, and the US regulator has not yet approved a Bitcoin spot ETF.
Michael Sonnenchin, CEO of Grayscale Investments, recently clarified in an interview that the Securities and Exchange Commission could violate the Administrative Procedures Act if the Bitcoin spot ETF is denied.
The company’s chief legal officer, Craig Salem, described what the transfer would look like if the trust became an ETF. Salem joint: “GBTC trading stock prices are likely to move in line with NAV.” “After that, the shares will be listed from OTCQX to NYSE Arca,” the legal official added.
Grayscale Investments is also asking people to participate in the effort to get the US regulator to agree to convert GBTC into an ETF.
Before adding Grayscale’s Bitcoin Trust and Ethereum Trust, Robinhood began its European expansion and recently acquired British crypto firm Ziglu. Additionally, last month, Robinhood co-founder and CEO Vladimir Tenev discussed how DOGE could expand with Tesla’s Elon Musk.
What do you think about Robinhood adding GBTC and ETHE? Tell us what you think about it in the comments section below.
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