On May 6, financial services firm Robinhood announced that the company had listed Grayscale’s Bitcoin Trust (GBTC) and Ethereum Trust (ETHE). Robinhood customers can now access crypto investment products to gain exposure to bitcoin or ethereum without actually owning the digital currencies.
In addition to Cryptos, Robinhood adds GBTC and ETHE from Grayscale
This week, Robinhood 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 stocks and options commission-free.
— Grayscale (@Grayscale) May 6, 2022
Robinhood is adding GBTC and ETHE investment products after the company rolled out its crypto wallet in the first week of April. On April 12, 2022, Robinhood listed shiba inu (SHIB), compound (COMP), polygon (MATIC), and solana (SOL).
The founder and CEO of Digital Currency Group (DCG), the parent company of Grayscale Investments, Barry Silbert, was delighted to see Robinhood listing GBTC and ETHE. “Finally”, Silvbert tweeted. “You can now trade Grayscale Bitcoin Trust and Grayscale Ethereum Trust on Robinhood.”
Year-to-date stats show GBTC down 46.63% and ETHE down 44.08%. Grayscale recently filed a Form 10 with the United States Securities and Exchange Commission (SEC) for a Zcash Trust, a Stellar Lumens Trust and a Horizen Trust.
Grayscale is also trying to convert its trust into an exchange-traded fund (ETF). However, the SEC has been an obstacle to the emergence of Bitcoin spot ETFs and the US regulator has yet to approve a Bitcoin spot ETF.
Grayscale Investments CEO Michael Sonnenshein recently explained in an interview that the SEC could potentially violate the Administrative Procedures Act if a bitcoin spot ETF is completely denied.
The company’s chief legal officer, Craig Salm, described what the conversion process would look like if the trust became an ETF. “GBTC stock prices will likely move to trade in line with the net asset value,” Salm detailed. “Then the shares would be transferred from OTCQX to NYSE Arca,” added the General Counsel.
Grayscale Investments is also asking people to get involved in efforts to get the US regulator to approve GBTC’s conversion to 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 scale with Tesla’s Elon Musk.
What do you think of Robinhood adding GBTC and ETHE? Let us know what you think about this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Warning: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
We would love to say thanks to the writer of this post for this outstanding material
Robinhood Lists Grayscale BlockBlog’s Bitcoin And Ethereum Trusts
Our social media profiles here , as well as other pages on related topics here.https://metfabtech.com/related-pages/