Robinhood starts supporting Grayscale Investments cryptocurrency trusts
The digital investment fund announced this on its Twitter account.
On this page
Now Robinhood users have access to shares based on the two most popular digital currencies – Bitcoin (GBTC) and Ethereum (ETHE). By purchasing cryptocurrency trusts, investors receive tokens at their disposal and do not participate in the direct purchase procedure. Share management will cost clients 2% of the total transaction amount.
As of May 6, 2022, GBTC manages $23.05 billion in assets and ETHE manages $8.29 billion. It is worth noting that throughout the year, trading in the listed shares is accompanied by a serious discount to NAV. For trusts based on Bitcoin, it averages 24%, and based on Ethereum – about 26%.
The company’s management believes that one of the ways to resolve this situation is the transformation of trusts into exchange-traded funds. According to CEO Michael Sonnenshein, this direction is a priority for the Grayscale fund, which is also preparing to conquer the European market.
The content on The Coinomist is for informational purposes only and should not be interpreted as financial advice. While we strive to provide accurate and up-to-date information, we do not guarantee the accuracy, completeness, or reliability of any content. Neither we accept liability for any errors or omissions in the information provided or for any financial losses incurred as a result of relying on this information. Actions based on this content are at your own risk. Always do your own research and consult a professional. See our Terms, Privacy Policy, and Disclaimers for more details.
Articles by this author
