Why Grayscale Ethereum Trust Skyrocketed Today
Shares of Grayscale Ethereum Trust (OTC: ETHE) skyrocketed on Monday. As of 3 p.m. EDT, shares of the trust were up 18%. Explaining this outsize move is simple: The trust holds popular cryptocurrency Ether, the tokens native to the Ethereum (CRYPTO: ETH) blockchain. And the price of Ether rose dramatically over the weekend and continues rising today.
Each share of Grayscale Ethereum Trust represents about 1% of an Ether token. So the underlying asset value per share is about $33 as of this writing. That's roughly where shares are trading hands right now, meaning the move makes perfect sense.
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Source Fool.com
