The investment company of USD 25B has added the “higher risk” grayscale GBTC and ETHE to customers


Bitcoin (Bitcoin) And ether (Ethereum) The risk has come to one of the largest automation investment companies in the world.

in a Blog post On July 29, Wealthfront, with assets of $25 billion, confirmed that it had added two grayscale funds to its portfolio.

GBTC buzz returns

The recent rise in the price of cryptocurrency has made various institutional products such as gray funds become the focus of attention.

Wealthfront is an example of a so-called “robot advisor” in the investment field, and will now allow its clients to access Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE).

“Buying cryptocurrencies can be scary-researching all the options, setting up wallets and monitoring additional accounts takes time and effort. That’s why we make it easy for you to access Bitcoin and Ethereum in your Wealthfront portfolio No need for a wallet,” the blog post explained.

“Instead of buying tokens yourself, it’s better to invest Bitcoin and fever.”

Customers can use up to 10% of their portfolios for grayscale products, and the company attributes this restriction to the “riskier and more volatile” nature of encrypted products.

Nonetheless, this move reduces the difficult-to-obtain dilemma faced by those interested in grayscale funds, which are not always directly available and set strict rules for shareholders.

At the same time, in addition to grayscale, Wealthfront Increase The Exchange Traded Fund (ETF) provided by ARK Invest is itself a Main stakeholders of GBTC.

GBTC (purple) held by ARK Invest. source: Katy Sark.com

What to unlock?

At the time of the announcement, the institution’s interest in Bitcoin in particular showed no signs of a decline in the price of around $40,000.

related: Bitcoin open positions imitate the fourth quarter of 2020, as the new report is “cautiously optimistic” about the BTC rebound

As Cointelegraph Report, The foreign exchange balance dropped sharply this week, because there was also a lot of activity on the over-the-counter (OTC) counter.

For its part, after the event had no obvious impact on the BTC price trend, Grayscale has got rid of the negative narrative surrounding the unlocking of GBTC stock.

This week, its CEO Michael Sonnenshein Reiterate It promises to convert all Grayscale cryptocurrency funds into ETFs as soon as possible, but it is affected by the changes in US regulations.