Popular retail brokerage Robinhood Markets Inc (NASDAQ: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 (OTC:GBTC) and Grayscale’s Ethereum Trust (OTC:ETHE).
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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 (CRYPTO: BTC) exposure. In March, filings revealed that Morgan Stanley (NYSE: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 (CRYPTO: ETH) was trading at $2,470.
Photo courtesy: Robinhood