Robinhood Lists Grayscale's Bitcoin, Ethereum Merchandise

Key Takeaways

Robinhood now helps the Grayscale Bitcoin Belief and Grayscale Ethereum Belief.
Whereas its general enterprise has suffered, Robinhood’s crypto income grew from This fall 2021 to Q1 2022.
Grayscale has additionally submitted new crypto-based merchandise to the SEC for consideration.

Robinhood has listed each the Grayscale Bitcoin Belief and Grayscale Ethereum Belief. This comes within the wake of Robinhood’s main layoffs, in addition to Grayscale’s battle with the SEC over a Bitcoin spot ETF.

Robinhood Merchants Achieve Publicity

Robinhood customers have new choices for crypto publicity at this time.

The favored retail buying and selling app had added assist for Grayscale’s Bitcoin and Ethereum merchandise on its platform. This itemizing comes after Robinhood’s Q1 2022 outcomes had been launched final week, wherein it revealed a 43% dip in internet revenues from the earlier yr.

Robinhood has suffered to the purpose of shedding round 9% of its full-time staff, a transfer introduced two days earlier than it launched its Q1 financials. Accordingly, Robinhood’s inventory value is simply above $10, down from a 52-week excessive of $85. The corporate’s Chief Monetary Officer, Jason Warnick, famous the losses within the Q1 report:

“We’re seeing our clients affected by the macroeconomic surroundings, which is mirrored in our outcomes this quarter… On the similar time, we’ve additionally made progress on our long-term plans and proceed to pursue them aggressively.”

In the meantime, the most important crypto asset supervisor, Grayscale, filed with the Securities and Change Fee yesterday on Kind 10 for the Grayscale Horizen Belief, the Grayscale Stellar Lumens Belief, and the Grayscale Zcash Belief. This comes after Vanguard, which manages $7 trillion in belongings, introduced final month that it could be halting its assist for the GBTC and ETHE.

Grayscale additionally has an open software with the SEC to transform its Grayscale Bitcoin Belief right into a Bitcoin spot exchange-traded fund, one thing the Fee has repeatedly refused to allow as a consequence of issues over the potential for market manipulation and lack of client safety. On Mar. 28, the digital asset supervisor’s chief government officer, Michael Sonnenshein, stated it could think about a lawsuit with the SEC if its Bitcoin spot ETF software weren’t permitted.

Disclosure: On the time of writing, the writer of this piece owned BTC, ETH, and a number of other different cryptocurrencies.

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