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Wealthfront expands its investment options to include cryptocurrency

Another day, another RIA expanding into crypto. Wealthfront, a Palo Alto, California-based automated investment service firm, is expanding its clients’ investment options to include Grayscale Bitcoin Trust and Grayscale Ethereum Trust. The firm is the first to make it possible to gain exposure to cryptocurrency as part of a diversified portfolio with automation features like tax-sensitive rebalancing, intelligent dividend reinvestment and tax-loss harvesting, according to a blog post on the firm’s website. The firm had toyed with including cryptocurrency in its offerings for a while, says Kate Wauck, Wealthfront’s vice president of communications. Many of Wealthfront’s clients, who are Millennials and Gen Z-ers, have expressed an interest in the ability to tweak their allocations and shown an increased appetite for risk, prompting the firm to consider expanding its services to include cryptocurrencies and individual stocks.

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