Grayscale, the world’s largest digital asset supervisor, has introduced making its flagship Bitcoin and Ether products accessible on the Robinhood alternate. These products will likely be available on the Robinhood app.
Robinhood is a well-liked buying and selling platform for retail merchants. After itemizing Dogecoin (DOGE), the alternate turned fairly common within the crypto house final yr. The alternate later listed Shiba Inu (SHIB) final month.
Grayscale’s GBTC and ETHE accessible on Robinhood
Since Friday, the Grayscale Bitcoin Trust (GBTC) and the Ethereum Trust (ETHE) have been available on the Robinhood app. Shares of the GBTC product provide traders direct publicity to Bitcoin. The product is superb for traders who need to spend money on Bitcoin however don’t need to be uncovered to the volatility of the cryptocurrency.
On the opposite hand, the ETHE product runs as an open-end funding agency the place the shares depict the worth of ETH held in belief. The Grayscale Bitcoin Trust is the biggest funding car that focuses on the world’s largest cryptocurrency.
By May 2, the Grayscale Bitcoin Trust had $24.6 billion in belongings beneath administration, whereas the Grayscale Ethereum Trust had greater than $329 million in belongings. The giant sum exhibits the dominance of Grayscale as a digital asset supervisor.
Robinhood information a dip in gross sales and revenues
Robinhood has set itself aside by eradicating the barrier for entry to retail merchants within the inventory and crypto markets. Robinhood operates as a reduction brokerage platform, and through the first quarter of the yr, the agency reported a 43% decline in its year-over-year revenues. During the identical interval, the gross sales dropped by 39%.
Despite the decline in income and gross sales, the Robinhood internet cumulative funded accounts gained 27% year-over-year. Currently, Robinhood has listed greater than 20 cryptocurrencies on its crypto alternate buying and selling platform.
The constructive efficiency of the Robinhood alternate in 2021 might be attributed to a bullish market that attracted many retail merchants. During the primary half of 2021, retail merchants flocked the market, taking cryptocurrency costs to all-time highs.
However, after the market recorded a significant dip in May final yr, retail curiosity slowed down, as many liquidated their holdings and closed accounts on alternate platforms. This yr, the retail curiosity has been particularly low because the market has recorded a major plunge. Therefore, the dearth of recent capital getting into the market might be behind Robinhood’s decline in revenues and gross sales in Q1.
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