Home » Wealthfront Buys Grayscale Bitcoin and ETH Shares

Wealthfront Buys Grayscale Bitcoin and ETH Shares

Wealthfront Buys Grayscale Bitcoin and ETH Shares

Wealthfront’s investment portfolios have been expanded to include Grayscale Bitcoin and Ethereum Trust shares.

Wealthfront customers may now allocate to Grayscale’s GBTC and ETHE products.

Wealthfront Buys Grayscale Bitcoin and ETH Shares

Wealthfront is now accepting GBTC and ETHE deposits.

Wealthfront, a California-based investment company with a $25 billion market capitalisation, will use Grasycale’s trust shares to provide its clients exposure to Bitcoin and Ethereum.

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    The financial services company made the announcement on Thursday. Customers will have the option of investing up to 10% of their money in GBTC and ETHE stocks, depending on their investment preferences.

    Individuals may use Wealthfront to create customised and automated investing portfolios that are tailored to their risk tolerance and tax requirements. It provides tax-advantaged investments in stocks, commodities, and a range of other financial products.

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      Wealthfront bills itself as the first service of its type, enabling investors to include bitcoin risk in their portfolios. To avoid incurring losses or incurring excessive tax liabilities, the business employs automated financial instruments to calculate the percentage allocations of its investment portfolios and then executes transactions appropriately.

      The 10% restriction on crypto investments will act as a buffer against Bitcoin and Ethereum’s volatility. Grayscale’s trust shares represent the trust’s BTC and ETH holdings. The shares are non-redeemable, subject to a 2 to 3% management charge, and subject to a six-month lock-up period, during which institutional investors cannot sell them for six months after purchase.

      Grayscale’s GBTC stock was last trading at $34.15, a discount of 8.8% to Bitcoin’s market price. The discount has been reduced from more than 15% at the beginning of the month as a result of Grayscale’s Bitcoin shares being unlocked in January and the following good momentum in Bitcoin. -9.6 percent is the negative premium on Ethereum Trust shares.

      Grayscale has filed an ETF application with the Securities and Exchange Commission for its shares. It has engaged BNY Mellon to serve as its asset servicer. If an ETF is authorised, the savings associated with the shorter lock-in period and lower management costs will be lost.

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