Ethereum trades around $ 6,000 in Grayscale investment trust shares
OTC Markets kicked off on Friday bargaining shares of investment Ethereum-Grayscale Trust, which, supposed to allow participants in traditional markets to speculate on cryptocurrency price without the risks associated with her purchase and storage.
At the start of trading, the price of one ETHE share reached $ 590, which is almost 2 times higher than the spot price of the cryptocurrency. IN then the same time, one share of ETHE corresponds not to a whole unit of ether, but only 0.096 ETH. So way, the fair price of 1 ETHE could be around $ 28.8, and the bidders, acquiring their at the current rate of OTC Markets, in fact allowed 2000% overpayment relatively spot price cryptocurrencies.
“Congratulations to the SEC and exchanges USA. “Defending investors ”from“ market manipulation ”, you have opened a loophole for ETFs in the OTC market. Now unsuspecting investors are investing in many times higher net worth asset“, – writes Ryan Selkis, founder of analytical portal Messari.
Some commentators attribute the overpayment to the fact that ETHE is an the only legal instrument of this kind on the American market. ETHE trading volume on the first day on market amounted to about $ 3,500.
At that the same time, Grayscale GBTC bitcoin trust shares granting ownership of approximately 0.001 BTC, traded at $ 13.55. Thus, acquiring them investors by-still have to overpay relative to the spot price bitcoin, but overpayment in this case is several tens of percent, which corresponds to the usual for Grayscale products by levels.