Grayscale’s Litecoin-Primarily based Asset Sees Wild Premium Swings
Grayscale’s LTCN asset, boasting publicly quoted over-the-counter shares, at present trades far above the worth of Litecoin (LTC) — its underlying asset.
Shopping for roughly 10.64 LTCN equates to possession of 1 LTC. At present costs, nonetheless, shopping for 1 LTC price of LTCN prices about $574 — over $500 greater than the worth of 1 LTC bought on the crypto markets. Aug. 20 yielded a fair larger premium, with every share of LTCN holding a price ticket of $99.
In July 2020, Grayscale introduced its LTCN shares for public OTC citation and buying and selling, touting regulatory approval from the U.S. Monetary Trade Regulatory Authority, or FINRA. Grayscale initially made LTCN out there in March 2018, however just for accredited contributors.
Grayscale’s time-tested Bitcoin (BTC) buying and selling product, known as GBTC, usually holds a notable premium over its underlying spot asset, however not one as unusually excessive as seen in LTCN.