On Saturday, Robo-advisor firm Wealthfront announced on its website that clients can now get Bitcoin price exposure through their portfolios. The firm is the first automated investment service to provide Bitcoin price exposure to its clients.
Clients at Wealthfront can now get exposure to the Bitcoin price through purchasing “unit investment trusts” of Grayscale Bitcoin Trust. The trusts are added to the clients’ portfolios just like any other ETF offered by Wealthfront.
Wealthfront’s offering will provide Bitcoin exposure to nearly half a million clients. The firm currently has over $25 billion in assets under management.
Although the firm doesn’t offer exposure to Bitcoin directly, investors can allocate up to 10% of their portfolios to Grayscale Bitcoin Trust, a company that keeps one hundred percent of its Bitcoin in cold storage.
Wealthfront is just one of many American firms seeking Bitcoin price exposure through Grayscale. Ark Invest, for example, has bullishly purchased over $10 million in Grayscale shares over the past month.
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