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Online broker Robinhood has added support for cryptocurrency trusts by Grayscale Investments, based on Bitcoin and Ethereum. There are two new ways to access crypto @RobinhoodApp. you can
Online broker Robinhood has added support for cryptocurrency trusts by Grayscale Investments, based on Bitcoin and Ethereum.
There are two new ways to access crypto @RobinhoodApp. you can start trading $GBTC and $ETH today. https://t.co/n09aiEVhqEhttps://t.co/6tFrYCsmzx pic.twitter.com/AxKH7xZ0nS
— Grayscale (@Grayscale) May 6, 2022
App users can purchase Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE) units. As of May 6, 2022, the former managed assets valued at $23.05 billion, while the latter managed $8.29 billion.
GBTC and ETHE are products that give investors access to cryptocurrencies without the need to purchase digital assets directly. Grayscale charges clients 2% commission for managing trusts.
Over the past year, shares of these structures have traded at a significant discount. NAV. At the time of writing, GBTC has a 24.83% discount and ETHE has a 26.69% discount.
Grayscale hopes to solve this problem by turning trusts into exchange-traded funds (ETFs). Earlier, the company’s president, Michael Sonnenschein, described this task as a top priority.
Recall that in April 2022, Grayscale Investments stated that the approval of Teucrium’s bitcoin futures ETF was the basis for a similar decision on the company’s own application.
Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
