Robinhood starts supporting Grayscale Investments cryptocurrency trusts
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The digital investment fund announced this on its Twitter account.
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.