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You can now trade Grayscale Bitcoin Trust and Grayscale Ethereum Trust on Robinhood

Grayscale

Robinhood did crypto a solid, allowing the GBTC and ETHE trusts to trade on its platform. 

Grayscale announced today that their Bitcoin (GBTC) and Ethereum (ETHE) trusts are available to trade on the fintech platform Robinhood. The trusts are available under stocks and ETFs through Robinhood’s app.

  • GBTC and ETHE are composed similarly to that of a Bitcoin or Ethereum spot ETF. Meaning, it’s “physically” backed by Bitcoin. This runs counter with the Bitcoin Futures ETFs approved by the SEC.
  • Grayscale has long tried to convert their GBTC trust into a spot ETF to no avail. The crypto investment fund with over 40 billion assets under management has even publicly threatened to sue over the matter. 
  • GBTC and ETHE are currently considered mutual funds, which aren’t typically traded like stocks.
  • Robinhood continues to strengthen its crypto offerings. Recently it added Shiba Inu, Solana, Polygon, and Compound. According to filings, crypto continues to be a major source of income for the fintech app. 
  • The SEC has rejected several Bitcoin spot ETFs. However, considering President Joe Biden’s recent comments on crypto, there remains some optimism that an ETF could be possible soon. 
  • The news comes amid a prolonged slide for Bitcoin and Ethereum. Both coins — ranked 1 and 2 respectively market cap-wise — are down 20% in the last month. Bitcoin is trading in the $36,250 USD range, while Ethereum is trading in the $2,717 range.

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