Online broker Robinhood has added support for Grayscale Investments’s Ether and Bitcoin trusts.
Now, the users of the app can purchase Grayscale Bitcoin Trust (GBTC) units ) and Grayscale Ethereum Trust (ETHE). As of May 6, 2022, the former was managing assets worth $23.05 billion, the latter $8.29 billion.
GBTC and ETHE are products that provide investors with access to cryptocurrency without the need to direct purchase of digital assets. Grayscale charges clients a 2% commission for managing trusts.
Over the past year, units in these structures have traded at a significant discount to NAV.
Grayscale hopes to solve this problem by converting trusts into exchange-traded funds (ETFs). The head of the company, Michael Sonnenshein, has previously said this task is the most important priority.
