Popular Retail Brokerage Robinhood Markets Inc. HOOD has listed two new cryptocurrency products.
What happened: In an announcement Friday, Barry Silbert, founder of Grayscale parent Digital Currency Group (DCG), said Robinhood had listed Grayscale Bitcoin Trust GBTC and Grayscale’s Ethereum Trust ETHE.May 6, 2022
GBTC is the world’s largest Bitcoin fund with $23 billion in assets under management. As of November, the fund had more than $43 billion in assets under management. The fund trades like an over-the-counter stock and derives its value from the price of Bitcoin.
See also: BEST BITCOIN TRUST TO INVEST IN
GBTC is also the investment vehicle of choice for institutions seeking exposure to Bitcoin BTC/USD. In March, the filings revealed that Morgan Stanley had overtaken MS Ark Invest to become GBTC’s largest shareholder.
Industry watchers believe that Grayscale is a strong contender for the top spot Bitcoin ETF to be approved by the SEC.
Price Action: So far, GBTC is down 26% and ETHE is down 39.4%. According to data from Benzinga Pro, Bitcoin was trading at $33,700 and Ethereum ETH/USD at $2,470.
Photo Courtesy: Robinhood
This post Robinhood Lists 2 New Bitcoin (BTC), Ethereum (ETH) Products was original published at “https://www.benzinga.com/markets/cryptocurrency/22/05/27067497/robinhood-lists-two-new-bitcoin-and-ethereum-products”