Robinhood Lists Grayscale’s Bitcoin and Ethereum Trusts – Robinhood, a financial services provider, announced on May 6 that Grayscale’s Bitcoin Trust (GBTC) and Ethereum Trust (ETHE) had been added to its platform. Customers of Robinhood can now access cryptocurrency investment products to obtain exposure to bitcoin and ethereum without actually owning the digital currencies.
This week, Robinhood added GBTC and ETHE to its platform, allowing clients with brokerage accounts to buy and trade GBTC and ETHE stock and options without paying a commission.
Following the launch of its crypto wallet in the first week of April, Robinhood has added GBTC and ETHE investing products. Robinhood listed shiba inu (SHIB), compound (COMP), polygon (MATIC), and solana (SOL) on April 12, 2022.
Barry Silbert, the founder and CEO of Digital Currency Group (DCG), the parent firm of Grayscale Investments, was overjoyed to see GBTC and ETHE listed on Robinhood. Silbert tweeted, “Finally.” “On Robinhood, you can now trade Grayscale Ethereum Trust and Grayscale Bitcoin Trust.”
GBTC is down 46.63 percent this year, while ETHE has dropped 44.08 percent. Grayscale has filed a Form 10 with the Securities and Exchange Commission (SEC) for three trusts: Stellar Lumens, Zcash, and Horizen.
Grayscale is also attempting to turn its trust into an exchange-traded fund (ETF). The SEC, on the other hand, has been a roadblock for bitcoin spot ETFs, and the US agency has yet to approve one.
In a recent interview, Grayscale Investments CEO Michael Sonnenshein stated that the SEC could potentially violate the Administrative Procedure Act if a bitcoin spot ETF is entirely disallowed.
Craig Salm, the firm’s chief legal officer, detailed the conversion procedure if the trust were to become an ETF. Salm explained, “GBTC share prices will likely move to trade in accordance with NAV.” The shares would then be moved from OTCQX to NYSE Arca, according to the chief legal officer.
Grayscale Investments is also looking for help in convincing the US Securities and Exchange Commission to approve the conversion of GBTC to an ETF.
Robinhood began its European expansion and recently bought the UK crypto firm Ziglu before adding Grayscale’s Bitcoin Trust and Ethereum Trust. Last month, Vladimir Tenev, the co-founder and CEO of Robinhood, spoke about how DOGE could scale with Tesla’s Elon Musk.