Popular retail brokerage Robinhood Markets Inc HOOD has listed two new cryptocurrency products.
What Happened: In an announcement on Friday, Barry Silbert, founder of Grayscale parent Digital Currency Group (DCG), said Robinhood had listed the Grayscale Bitcoin Trust GBTC and Grayscale’s Ethereum Trust ETHE.
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
GBTC is the world’s largest Bitcoin fund with $23 billion in assets under management. In November, the fund had an AUM of over $43 billion. The fund trades like a stock over the counter and derives its value from the price of Bitcoin.
See Also: BEST BITCOIN TRUSTS TO INVEST IN
GBTC is also the investment vehicle of choice for institutions looking for Bitcoin BTC/USD exposure. In March, filings revealed that Morgan Stanley MS had overtaken Ark Invest to become GBTC’s largest shareholder.
Industry watchers believe that Grayscale is a strong contender to have the first spot Bitcoin ETF approved by the SEC.
Price Action: Year to date, GBTC is down 26% and ETHE is down 39.4%. As per data from Benzinga Pro, Bitcoin was trading at $33,700 and Ethereum ETH/USD was trading at $2,470.
Photo courtesy: Robinhood