Wealthfront, a robo-advisor giant with $25 billion in assets under management, has added the Grayscale Bitcoin Trust (GBTC) and the Grayscale Ethereum Trust (ETHE) to its platform.
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Wealthfront’s platform is designed for those seeking a hands-off approach to investing. Robo-advisors survey the client on their particular risk profile and then assign portfolios that match.
Wealthfront’s decision to add the Grayscale cryptocurrency trusts reflects that style of investing as they do not require self custody and can be purchased on traditional markets.
“Buying cryptocurrency can feel intimidating — it takes time and effort to research all of the options, set up a wallet, and monitor an additional account,” explained Wealthfront in its announcement. “That’s why we’ve made it easy to get exposure to Bitcoin and Ethereum right in your Wealthfront portfolio, no wallets required.”
The company will now allow its clients to invest up to 10% of their portfolios in the two Grayscale crypto trusts. Unlike brokerage accounts, which give their clients full access to create whatever portfolios they choose, robo-advisors have a fiduciary responsibility to the client.
“We limit your allocation to GBTC and ETHE because, as a fiduciary, we act in your best interests at all times, and these investments can be riskier and more volatile than most ETFs,” the company explained.
Wealthfront has also expanded its ETF offering by adding a number of ARK Invest ETFs like ARKF, ARKG, ARKK, ARKQ and more. These ETFs also provide exposure to crypto and fintech-related assets.
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