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Crypto Portfolio Discontinuation Instructions

Published

Existing Betterment crypto portfolios are being discontinued and replaced by a new Crypto ETF portfolio. 

If you currently have a Betterment Crypto portfolio (Universe, Sustainable, or BTC/ETH), you need to take action by selecting one of the three options below by 12:00 PM ET on November 20, 2024.

Note: If you have a $0.00 balance in your crypto portfolio, you do not need to do anything with your account.

Option 1: Transfer to a new Betterment portfolio

Transfer the balance of your crypto goal to another goal at Betterment.

  • This involves selling the crypto tokens/coins in your current crypto portfolio and reinvesting the proceeds into another target portfolio, which may result in taxes owed on capital gains and trading fees. 
  • This transfer can be made to the new Crypto ETF portfolio or another non-crypto investing goal.
  • Note: Both the old goal and the new goal must be open already in order to transfer between the two.
  • How to transfer your crypto to a Betterment portfolio:
    • On a web browser: Once logged in, select "Transfer or rollover" from the main summary page, then "Transfer within Betterment" to start a transfer.
    • From the mobile app: Select "Move money" then "Transfer within Betterment" to start a transfer.

Make a transfer

Option 2: Sell and withdraw

You can move the balance of your crypto portfolio off Betterment by simply withdrawing funds. 

  • This involves selling the crypto tokens/coins in your current crypto portfolio, which may result in taxes owed on capital gains and trading fees. 
  • To make a withdrawal, on a web browser, go to "Transfer or rollover" > "Withdraw," or in the mobile app, click the “Move money” button. 

Make a withdrawal

Option 3 (default): Retain your crypto assets at Gemini in an unmanaged account

If you take no action by November 20th, your assets will remain at Gemini, the cryptocurrency exchange and custodian that Betterment has partnered with to custody your existing crypto portfolio. To access your assets directly, you will need to take action by following the account transfer instructions below to create or configure your Gemini account.

  • This option helps you avoid selling your crypto assets, but you will lose the benefits of Betterment’s investment advice and portfolio management.
  • If assets remain in your existing Betterment crypto account after November 20, 2024, you must follow the Gemini account transfer instructions anytime beginning on November 21, 2024, to access your crypto tokens/coins and hold/trade them directly on the Gemini platform. Your account at Gemini will be subject to the Gemini User Agreement and other agreements required by Gemini.
  • Please note: To help with this process, please ensure that your contact information that Betterment has on file is accurate. 
  • Important: On or around November 20, 2024, any existing crypto portfolios will no longer be available within your Betterment account. You can access your funds through Gemini by following the account transfer instructions below, which can take up to eight business days.

Gemini account transfer instructions:

If you wish to transfer your account to Gemini, follow these instructions beginning on or after November 21, 2024. Account transfer claims will not be processed until November 21, 2024. 

  1. Open Gemini account: Create an account at Gemini using the same email as associated with your Betterment account. 
    1. If you already have an account at Gemini, skip to step 2
  2. Email Gemini Client Services: On or after November 21, 2024, send an email to institutional@gemini.com from the email address on your Gemini and Betterment accounts using the following subject line and email message:
     
    • Subject: Betterment - Gemini Account Recovery
    • Message: Please transfer all cryptocurrency funds from my Betterment account to my Gemini retail account associated with this email address.
  3. Receive transferred funds: Once Gemini processes your request, the funds should be transferred within eight business days.

Update on deposits

As of the date of this notice, Betterment will suspend all new incoming deposits, including recurring deposits and transfers, into existing crypto portfolios.

Termination of Crypto Addendum

In connection with this notice, on November 20, 2024, Betterment will terminate its crypto addendum to your advisory agreement and will no longer manage your crypto portfolio held at Gemini.  

Tax Forms

Your tax forms for the tax year 2024 will be available in your Betterment account in early 2025. To prepare your 2024 taxes, we are providing customers with both a gain/loss report and a transaction report. You can download them by in the document section of when logged in to your account:

  • Web browser: Navigate to Documents > Taxes > Crypto.
  • Mobile app: Open the menu and tap Documents > Taxes > Crypto.