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.
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.
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.
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.
Remember last week that all traditional analysts said that Gray Unlock will release billions of dollars in sales? Yes, not at all.
— Willy Woo (@woonomic) July 29, 2021
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.