Grayscale’s Ethereum Classic Investment Fund Can Now Be Traded on OTCQX

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Cryptocurrencies are an interesting social experiment in many ways. No other form of money has generated so much speculation, bias, and conflicting reports over the years. Despite all of the adversity, crypto is still moving full steam ahead. The listing of Grayscale’s Ethereum Classic fund on OTCQX is another reminder that this industry is here to stay.

ETCG Is Live on OTCQX

Although all of these acronyms are a bit confusing, it is not a difficult subject to comprehend. Grayscale Investments, led by Barry Silbert, has set up various investment funds tied to specific cryptocurrencies. The firm mainly focuses on Bitcoin, Ethereum Classic, and a few other coins. Its Bitcoin fund was publicly listed on various OTC trading platforms a while ago.

That was anything but surprising, considering that Bitcoin is the world’s leading cryptocurrency. Everyone knows what Bitcoin is and what it is capable of. Most people are also quite familiar with its volatility, which can lead to big gains and even bigger losses more often than not. Exposure to the Bitcoin price without having to buy cryptocurrency is what platforms such as OTCQX offer.

Until now, it seemed as if OTCQX had no intention of adding any other cryptocurrency-related tickers. That situation came to change earlier this week, as the ETCG symbol was added. This symbol represents Grayscale Investments’ Ethereum Classic fund, which is now the second cryptocurrency-related offering to be publicly traded on the OTC markets. It’s a big feather in the cap of Grayscale, and one that could result in an interesting future for Ethereum Classic as well.

The public quotation for ETCG was approved just last week. At that time, it became clear that ETCG would arrive on OTCQX sooner rather than later, although no official listing date was communicated when the public quotation was approved. With the new product now live on the OTC markets, investors can be exposed to Ethereum Classic’s volatility if they so desire.

As one would expect, ETCG is now listed on Yahoo Finance as well, where it is listed at a premium compared to the underlying asset’s price. Ethereum Classic hasn’t had the greatest of runs when it comes to its price, but it seems to have been holding its own around the $18 mark most of the time. It is unclear if the ETCG listing will influence the Ethereum Classic price in any way, but it is certainly possible.

To be sure, this publicly traded offering is not the same thing as buying Ethereum Classic. It is a fund in which every share represents around 0.97 ETC. For those who firmly believe the Ethereum Classic price will surge in the coming months, buying into ETCG makes a lot of sense. Given the lack of mainstream appeal associated with Ethereum Classic, however, it remains to be seen if this new offering will garner any real support or traction in the coming months.




via The Merkle https://themerkle.com
May 12, 2018 at 08:07AM

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