Digital asset manager Grayscale has enabled investing in its flagship Bitcoin (BTC) and Ether (ETH) products on Robinhood, the popular trading app available to millions of retail users.
Starting Friday, May 6, Robinhood users will be able to gain exposure to Grayscale’s Bitcoin Trust (GBTC) and Ethereum Trust (ETHE) directly through the app. GBTC shares offer investors direct exposure to Bitcoin in the form of security without having to buy or store the digital asset directly. ETHE, for its part, functions as a variable capital investment company whose shares reflect the value of Ether held by the trust.
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 is the largest investment vehicle dedicated to the leading crypto asset. As of May 2, the trust had $24.6 billion in assets under management. For its part, the Grayscale Ethereum Trust had more than USD 329 million in assets.
Here’s a look at our 14 single asset crypto investment funds as of 5/2/2022.
AUM and other stats on all Grayscale products are updated daily on our website: https://t.co/smju2moRYQ$BAT $BCH $BTC $ETC $ETH $FIL $LINK $LPT $LTC $MANA $SOL $XLM $ZEC $ZEN pic.twitter.com/sv5FLsd0uW— Grayscale (@Grayscale) May 2, 2022
Robinhood operates a discount brokerage that offers retail investors low-barrier entry into financial markets, including cryptocurrencies. In the first quarter of 2022, the company’s revenue was down 43% year-on-year as sales from cryptocurrency trading fell 39%. Despite the decline, net funded accounts at Robinhood were up 27% year-on-year. Currently, Robinhood has more than 20 cryptocurrencies available to invest on its platform.
Cryptocurrency acceptance by retail traders peaked in the first half of 2021, a period that coincided with multiple all-time highs for Bitcoin and the broader market. However, retailer interest has dropped significantly since then, as evidenced by Google search trends and a lack of new capital entering the market.
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Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.