US trading giant Robinhood is adding two crypto-related products to its lineup for retail investors.
Investment asset manager Greyscale has announced that the company’s traditional investment vehicles for Bitcoin (BTC) and Ethereum (ETH) are launching on the Robinhood trading app.
There are two new ways to access crypto on @RobinhoodApp. You can start trading $GBTC and $ETHE today. https://t.co/n09aiEVhqEhttps://t.co/6tFrYCsmzx pic.twitter.com/AxKH7xZ0nS — Shades of Gray (@Grayscale) May 6, 2022
The Grayscale Bitcoin Trust (GBTC) digital currency investment product was originally called the Bitcoin Investment Trust, created in September 2013, and offers institutional investors exposure to Bitcoin without the need to purchase or store it in person. Grayscale BTC Trust currently has $23.2 billion in assets under management (AUM).
Meanwhile, the Grayscale Ethereum Trust (ETHE) was founded in December 2017 and now has $8.4 billion in AUM.
Last October, Grayscale announced its intention to convert its Bitcoin fund into an exchange-traded fund (ETF), with the company’s global head of ETFs Dave LaValle saying:
“GBTC demonstrates that there is strong investor demand for physically backed Bitcoin investment vehicles.”
In November, filings with the US Securities and Exchange Commission (SEC) revealed that banking giant Morgan Stanley significantly increased its holdings in GBTC.
In January, Robinhood CEO Vlad Tenev mentioned the platform’s goal of adding crypto-related products to its platform.
At the time of writing, Robinhood quotes GBTC price down 1.08% and trading at $24.75, while ETHE is in the red down 1.6% with a value of 19.76 $.
Bitcoin itself continues the sell-off that began earlier Thursday when it was priced above $39,000, down 2.22% on the day and changing hands at $36,189 at the time of writing.
Ethereum is also struggling, falling sharply from Thursday’s high of $2,937 and currently priced at $2,711.