Grayscale, a digital asset manager, has made its flagship Bitcoin (BTC), and Ether (ETH), products available on Robinhood. Robinhood is a popular trading app that’s open to millions of retail customers.
Robinhood users can now trade Grayscale’s Bitcoin Trust, (GBTC), and Ethereum Trust, (ETHE), directly from the Robinhood app starting Friday. GBTC shares give investors direct exposure to Bitcoin as a security, without the need to store or buy the digital asset. ETHE is an open-end investment firm whose shares reflect Ether’s value.
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
Grayscale’s Bitcoin Trust, the largest investment vehicle for the most popular crypto asset, is managed by Grayscale. The trust managed $24.6 billion of assets as of May 2. Grayscale’s Ethereum Trust had more than $329 million in assets.
Below is a list of our 14 single-asset crypto investment funds as at 5/2/2022. AUM and other stats on all Grayscale products are updated daily on our website: https://t.co/smju2moRYQ$BAT $BCH $BTC $ETC $ETH $FIL $LINK $LPT $LTC $MANA $SOL $XLM $ZEC $ZEN pic.twitter.com/sv5FLsd0uW
— Grayscale (@Grayscale) May 2, 2022
Robinhood is a discount brokerage that allows retail investors to have low-barrier access to the financial markets. The firm’s first quarter revenue fell by 43% year over year as cryptocurrency trading sales dropped by 39%. Robinhood’s cumulative net funded accounts increased 27% over the previous year despite this decline. Robinhood currently lists more than 20 cryptocurrencies that can be traded on its platform.
Related: Robinhood fires nearly 1/10 of its staff as the stock drops to an all-time low
The first half of 2021 saw crypto adoption peak among retail traders. This coincided with several record highs in Bitcoin and the wider market. As evidenced by Google search trends, and the lack of capital entering the market, retail interest in crypto has dropped significantly.
Eileen Wilson –Technology and Energy
My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.