Summary:
- Robinhood has listed the Grayscale Bitcoin Trust (GBTC) and the Grayscale Ethereum Trust (ETHE)
- Yesterday, Grayscale filed Form 10 registration statements with the SEC for Grayscale Horizen Trust, Grayscale Stellar Lumens Trust, and Grayscale Zcash Trust
- Grayscale is still optimistic that the SEC will approve the conversion of its Grayscale Bitcoin Trust to a spot Bitcoin ETF
The popular trading platform of Robinhood has listed the Grayscale Bitcoin Trust (GBTC) and the Grayscale Ethereum Trust (ETHE). News of the two investment products being available on the popular trading platform was made public via Twitter by the Founder and CEO of Digital Currency Group, Barry Silbert.
Finally! You can now trade Grayscale Bitcoin Trust and Grayscale Ethereum Trust on Robinhood$GBTC $ETHE https://t.co/MzOJxvI7GG
— Barry Silbert (@BarrySilbert) May 6, 2022
Grayscale Files Form 10 Registration for Horizen, Stellar Lumens, and ZCash Trusts
The availability of GBTC and ETHE on Robinhood comes less than 24-hours after Grayscale announced that it had publicly filed Registration Statements on Form 10 with the US Securities and Exchange Commission for the Grayscale Horizen Trust, Grayscale Stellar Lumens Trust, and Grayscale Zcash Trust.
According to Grayscale, the filings were voluntary and subject to SEC review. Additionally, ‘the products are investment products that allow investors to more effectively implement strategic and tactical asset allocations that incorporate digital assets by using the products’ share.’
Grayscale Optimistic that it Will Convert its GBTC into a Spot Bitcoin ETF
At the same time, Grayscale has a pending application at the SEC to convert its Grayscale Bitcoin Trust into a spot Bitcoin ETF. The company’s Chief Legal Officer, Craig Salm, recently answered questions about the conversion process, where he explained how it would happen. He said:
GBTC share prices will likely move to trade in line with NAV. Then, the shares would be uplisted from OTCQX to NYSE Arca. Grayscale and our partners would handle this behind the scenes.
Importantly, if you are an investor that’s already holding shares of GBTC you wouldn’t have to do anything. None of this should inherently represent a taxable event for shareholders either.
Mr. Salm went on to add that there is still a window to submit comments to the SEC in support of the Grayscale Bitcoin ETF application. Over 2,600 comments have been submitted, and Grayscale hopes that more investors will consider emailing their thoughts about the ETF to the SEC.