The central theses
- Robinhood now helps the Grayscale Bitcoin Belief and the Grayscale Ethereum Belief.
- Whereas total enterprise has suffered, Robinhood’s crypto earnings grew from This autumn 2021 to Q1 2022.
- Grayscale has additionally submitted new crypto-based merchandise to the SEC for assessment.
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Robinhood has listed each the Grayscale Bitcoin Belief and the Grayscale Ethereum Belief. This follows Robinhood’s main layoffs, in addition to Grayscale’s battle with the SEC over a bitcoin spot ETF.
Robinhood merchants will probably be uncovered
Robinhood customers have new crypto publicity choices in the present day.
The favored retail app had added help for Grayscale’s Bitcoin and Ethereum merchandise to its platform. This itemizing comes after Robinhood launched its first-quarter 2022 outcomes final week, which revealed a 43% year-over-year decline in internet income.
Robinhood has suffered to the purpose that roughly 9% of its full-time staff have been laid off, a transfer introduced two days earlier than the corporate’s first-quarter monetary outcomes had been launched. Accordingly, Robinhood’s inventory value is simply over $10 after a 52-week excessive of $85. The corporate’s Chief Monetary Officer Jason Warnick famous the losses within the Q1 report:
“We see our purchasers being impacted by the macroeconomic setting, which is mirrored in our outcomes this quarter… On the identical time, we now have additionally made progress on our long-term plans and proceed to aggressively pursue them.”
In the meantime, the most important crypto asset supervisor, Grayscale, filed Grayscale Horizen Belief, Grayscale Stellar Lumens Belief, and Grayscale Zcash Belief on Kind 10 with the Securities and Trade Fee yesterday. This comes after Vanguard, which has $7 trillion in belongings beneath administration, introduced final month that it was ending its help for 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, which the fee has repeatedly rejected on account of considerations in regards to the potential for market manipulation and an absence of shopper safety. On March 28, the digital asset supervisor’s chief government officer, Michael Sonnenshein, mentioned he would take into account submitting a lawsuit with the SEC if his bitcoin spot ETF software weren’t authorized.
Disclosure: On the time of writing, the creator of this text owned BTC, ETH, and several other different cryptocurrencies.
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