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
Robinhood users as of Friday, Grayscale’s Bitcoin Trust (GBTC) and Ethereum Trust (ETHE) They will be able to trade directly from the application. 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.
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
Grayscale’s Bitcoin Trust, leading cryptocurrency It is the largest dedicated investment vehicle. As of May 2, the trust had $24.6 billion in assets under management, as reported on Kriptokoin.com . Meanwhile, Grayscale’s Ethereum Trust had over $329 million in assets.
Here’s a look at our 14 single asset crypto investment funds as of 5/2/2022.
AUM and other stats on all Grayscale products are updated daily on our website: https://t.co/smju2moRYQ$BAT $BCH $BTC $ETC $ETH $FIL $LINK $LPT $LTC $MANA $SOL $XLM $ZEC $ZEN pic.twitter.com/sv5FLsd0uW— Grayscale (@Grayscale) May 2, 2022
Robinhood shrank 43% as the cryptocurrency market bled
Robinhood operates a cryptocurrency exchange that provides retail 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.
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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.