Ethereum Classic Trust (ETCG) trading at ~50%+ discount to NAV
The Grayscale Ethereum Classic Trust (ETCG) stock is trading at a ~50% discount to net asset value (NAV).
We think this could represent an opportunity for clients depending how the markets move over the weekend and want to put this on folks’ radar for next week.
Currently, the stock ETCG is trading at ~$56 and meanwhile its underlying holdings, the cryptocurrency Ethereum Classic (ETC), are trading at $120 on Coinbase and $140 on Robinhood.
The chart below shows the historical price, NAV, and premium/discount to NAV for ETCG. Note, Bloomberg does not update their pricing inter-day in real time for this product and the current discount is larger than reflected here:
Source: Bloomberg
The website Tradeblock (https://tradeblock.com/markets/indices/ecx) reports the data intra-day in near real time and shows us large difference in pricing that currently exists in the market.
Source: Tradeblock
The price of the cryptocurrency Ethereum Classic (ETC) has run up nearly 4x in the past week alongside many similar crypto assets. And for investors that are couscous of the sustainability of this pricing, they could choose to hedge their position by shorting futures and simply betting on the discount converging rega...Reports you may have missed
Fiscal Dominance, Flows from China, Plus Some Thoughts on Global Conflict (Core Strategy Rebalance)
WHAT BTC SHRUGGING OFF CPI SAYS ABOUT CURRENT FISCAL SITUATION The most significant piece of macro data this week was the CPI. Headline CPI registered at 3.5%, surpassing the anticipated 3.4%, while core CPI remained steady from last month at 3.8%, also above the expected 3.7%. This increase was largely attributed to rising costs in auto insurance and shelter. Consequently, interest rates saw a sharp rise, with the 10-year Treasury...
INFLOWS RESUME On Monday, market sentiments were rattled by a surprisingly strong manufacturing PMI figure, marking the first expansionary reading in 18 months. This led to a rise in rates, with risk assets across the board experiencing selloffs amid renewed inflation concerns and fears that the Federal Reserve might need to implement further measures to cool the economy. However, in our crypto comments video on Tuesday, we outlined a couple...
Adding RON and IMX As a Different Flavor of ETH-beta and Gaming Exposure (Core Strategy Rebalance)
MARKET SHRUGS AT HOT CPI The latest Consumer Price Index (CPI) data indicated a hotter inflationary environment than forecasted for February. Despite the surprise in the numbers, market participants appeared largely unmoved, suggesting that the potential impact had already been factored into their calculations prior to the release. This resilience reflects a broader sentiment that a rates-driven selloff, in response to the CPI figures, is not a significant near-term risk....
Articles Read 1/1
🎁 Unlock 1 extra article by joining our Community!
You’ve reached your limit of 1 free monthly articles. Please enter your email to unlock 1 more articles.
Already have an account? Sign In 1dd0a1-b78cbb-b903f5-05a75c-fb642e
Already have an account? Sign In 1dd0a1-b78cbb-b903f5-05a75c-fb642e