Robinhood has included Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE) to its list of assets accessible for trading on its platform, according to Barry Silbert, founder of DCG (Grayscale parent).
Among the most prominent publicly-traded Bitcoin funds is Grayscale Bitcoin Trust (GBTC). Since its launch in 2013, GBTC has grown to handle over $25 billion in net assets and garnered nearly 100 institutional investors.
Grayscale Ethereum Trust (ETHE) is fully and effectively invested in ETH, enabling investors to gain exposure to the cryptocurrency through securities without the hassles of purchasing, storing, and preserving ETH directly.
Robinhood’s cowl got bigger with crypto assets
Robinhood revealed the addition of four new crypto assets to its platform in April, including Compound, Polygon, Solana, and Shiba Inu, with more on the way.
Shiba Inu has finally appeared in Robinhood’s trading list, along with four new cryptocurrencies on its platform, after a long wait. Other assets featured include Solana’s SOL, Polygon’s MATIC, and Compound’s COMP, in addition to the meme coin.
All of the mentioned tokens’ prices have risen since the update. Robinhood’s stock rose 5% since the announcement. Other cryptocurrencies, including Bitcoin and Solana, have also made progress.
Shiba Inu supporters rallied for the asset to be featured on the site, even going so far as to start a change petition, which gathered as many as 550,000 signatures in support of the idea.
Before adding the new currencies to its offers, the commission-free trading platform in the United States said it was carefully evaluating all issues such as consumer demand, its listing committee discusses factors such as on-chain analysis, security, and legal and financial variables, among others.
Bitcoin [BTC], ether [ETH], and dogecoin [DOGE] were among the seven cryptocurrencies supported by Robinhood.
According to DogeWhaleAlert, a Twitter account dedicated to DOGE transactions, Robinhood continues to retain Dogecoin on behalf of its consumers.
Robinhood began giving out crypto wallets to the more than two million users on its waiting list the same month it listed SHIB, and it recently finished the rollout to all consumers.