Key Takeaways
- Robinhood now helps the Grayscale Bitcoin Belief and Grayscale Ethereum Belief.
- Whereas its total 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.
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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 present.
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 results have been launched final week, during which it revealed a 43% dip in internet revenues from the earlier yr.
Robinhood has suffered to the purpose of laying off 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 high of $85. The corporate’s Chief Monetary Officer, Jason Warnick, famous the losses within the Q1 report:
“We’re seeing our prospects affected by the macroeconomic atmosphere, 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 biggest crypto asset supervisor, Grayscale, filed with the Securities and Trade 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 property, introduced final month that it might be halting its assist for the GBTC and ETHE.
Grayscale additionally has an open utility 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 result of considerations over the potential for market manipulation and lack of client safety. On Mar. 28, the digital asset supervisor’s chief govt officer, Michael Sonnenshein, mentioned it might take into account a lawsuit with the SEC if its Bitcoin spot ETF utility weren’t accepted.
Disclosure: On the time of writing, the creator of this piece owned BTC, ETH, and several other different cryptocurrencies.
