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Trading App Giant Robinhood Lists Bitcoin (BTC) and Ethereum (ETH) Stocks in Grayscale

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.

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Robinhood launches cryptocurrency giveaway program

The Robinhood trading platform is launching a crypto distribution program, which allows users to distribute various cryptocurrencies, including bitcoin, dogecoin, ether, bitcoin cash and litecoin. As with trading cryptocurrencies, freebies are commission-free and users can only offer $1 worth of encryption.

Robinhood Crypto Offering Program

Robinhood on Thursday announced the upcoming release of Robinhood Crypto’s “Cryptocurrency Giveaway Program“.

Users can bid as little as $1 worth of encryption, according to details on the Robinhood website, noting that it can take 3-5 days for the fund to settle. “As with trading cryptocurrencies, giveaways are commission-free,” said Robinhood, adding:

Once you've personalized your unique gift, you can send it directly to your loved one via a special link that will go directly to your phone.

The cryptocurrency distribution program is scheduled to launch on December 22nd. However, cryptocurrency giveaways are not available in Nevada or Hawaii, notes the Robinhood website.

“Once the sender has selected and confirmed the requested amount and cryptocurrency, the sender is solely responsible for sharing a link to the gift, and the recipient can use that shared link to accept the gift”, details the terms and conditions of the Robinhood encryption. gifts. The company added:

Make sure the recipient has a Robinhood Crypto account to accept the gift within 14 days. For unaccepted gifts, don't worry; You will not be billed and still have the bragging rights to distribute cryptocurrencies during the holidays.

Robinhood Crypto currently supports buy, sell and real-time market data for bitcoin (BTC), bitcoin cash (BCH), bitcoin sv (BSV), dogecoin (DOGE), ethereum (ETH), ethereum classic (ETC) and litecoin ( LTC).

Supporters of the shiba inu cryptocurrency meme asked on Change.org for Robinhood to include the SHIB. However, Robinhood has previously said that he was in no hurry to list another cryptocurrency.

Robinhood’s third-quarter transaction-based revenue totaled $267 million, including $51 million from cryptocurrency trading. In addition, 40% of its revenue from cryptocurrency transactions for the three months ended September 30 was attributed to dogecoin transactions.

Earlier this week, Chainalysis announced it had partnered with Robinhood to strengthen the trading platform’s compliance ahead of the release of its cryptocurrency portfolio.