Investment giant Grayscale has launched leading cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) products to millions of individual investors through Robinhood.
Grayscale’s GBTC and ETHE products now available on Robinhood
Starting Friday, Robinhood users will be able to transact with Grayscale’s Bitcoin Trust (GBTC) and Ethereum Trust (ETHE) directly from the app . GBTC’s shares allow investors to directly invest in Bitcoin in the form of a security without having to buy or store cryptocurrencies directly. Meanwhile, ETHE operates as an open-ended investment firm, whose shares reflect the value of Ethereum held by the trust.
Grayscale’s Bitcoin Trust, leading cryptocurrency It is the largest dedicated investment vehicle. As we covered in the cryptokoin.com news, as of May 2, the trust had $24.6 billion in assets under management. Meanwhile, Grayscale’s Ethereum Trust had over $329 million in assets.
Robinhood shrank 43% as the cryptocurrency market bleeds
Robinhood operates a cryptocurrency exchange that provides individual investors with low barrier entry to financial markets, including crypto. In the first quarter, the firm’s revenue was down 43% year-on-year as sales from cryptocurrency trading fell 39%. Despite the decline, Robinhood’s net cumulatively funded accounts grew 27% year over year. Currently, Robinhood lists more than 20 cryptocurrencies for trading on its platform.
Individual investor adoption of crypto peaked in the first half of 2021, a period that coincided with multiple record highs for Bitcoin and the broader market. However, interest from individuals has declined significantly since then, as evidenced by Google search trends and the lack of new capital entering the market. What you need to know about
Trust products
Grayscale Bitcoin Trust is a financial tool that allows investors to trade in trust products holding large Bitcoin pools. Shares in the fund follow the price of Bitcoin, but only roughly. Grayscale also offers several exchange-traded products, following Ethereum, Bitcoin Cash, and Litecoin, among others.
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