99% of Cryptocurrencies are ‘Overpriced’ per DCG’s Barry Silbert, But ETC Isn’t One of Them
Digital Currency Group, the parent company of the world’s largest digital asset manager, Grayscale Investments, announced this week that it would be purchasing $50 million worth of shares of Grayscale Ethereum Classic Trust (ETCG).
The company will be using cash on hand to fund the purchase that will be made on the open market.
This comment was made after he explained his reasoning for why he went long on VIX in preparation for the macro fireworks. He said at the time,
“No clue what will be the spark, hence the volatility hedge. but food prices, oil prices, investor complacency, speculative excess, lack of trust in the fed, interest rate normalization, meme stocks, overpriced cryptos, etc., are all on my mind.”
Now, he has announced that his company is buying the shares of an altcoin, Ethereum Classic (ETC), which is the hard fork of the second-largest cryptocurrency Ethereum and has been 51% attacked several times.
With a market cap of $5.1 billion, ETC is currently the 20th largest crypto trading at $37.51, down 77.5% from its all-time high above $167 in early May.
ETCG, meanwhile, is trading at a 33% discount, the same as GBTC and ETHE. Grayscale currently has a total of 12.35M ETC with it. BTC 2.68% Bitcoin / USD BTCUSD $ 32,471.09
$870.232.68% Volume 58.95 b Change $870.23 Open $32,471.09 Circulating 18.74 m Market Cap 608.53 b
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-$13.68-0.73% Volume 35.54 b Change -$13.68 Open $1,873.29 Circulating 116.4 m Market Cap 218.05 b
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Just last week, Grayscale added 13 tokens, including Bancor, Curve, Polygon, and 0x, to the list of coins under consideration for investment products, most of them belonging to the decentralized finance (DeFi) sector. BNT -1.03% Bancor / USD BNTUSD $ 2.93
-$0.03-1.03% Volume 125.25 m Change -$0.03 Open $2.93 Circulating 214.67 m Market Cap 628.94 m
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-$0.05-3.50% Volume 187.38 m Change -$0.05 Open $1.40 Circulating 374.93 m Market Cap 524.31 m
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-$0.03-2.54% Volume 2.5 b Change -$0.03 Open $1.07 Circulating 6.29 b Market Cap 6.73 b
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-$0.03-4.44% Volume 87.69 m Change -$0.03 Open $0.58 Circulating 845.23 m Market Cap 486.03 m
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With this update, Grayscale is now considering a total of 31 coins. But not all will be turned into investment products which requires a significant due process and would be subject to custody arrangements and regulatory considerations.