For years, trading app Robinhood listed just a handful of cryptocurrencies.
GBTC and ETHE are investment products that trade like a stock and allow investors to get exposure to the price of Bitcoin and Ethereum, respectively, without actually having to buy them.
But while both GBTC and ETHE are ostensibly tied to the price of the underlying cryptocurrencies, they rarely trade on a 1:1 basis.
According to data from Ycharts, ETHE is selling at a discount of 26.18% as of Friday, meaning it’s 26% cheaper to buy ETHE than it is to buy Ethereum.
Securities and Exchange Commission accepts Grayscale’s proposal to transition the Bitcoin trust into a Bitcoin exchange-traded fund—that heavy discount would likely disappear as ETFs’ structure allows them to trade much closer to the underlying asset’s price.
In April, it added Compound, Polygon, Shiba Inu, and Solana to its available listings of Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic, and Litecoin.
Cryptocurrency has been one of the few bright spots for the brokerage company, which reported an 18% drop in revenue for Q1 and recently laid off 9% of its staff.