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 -1.89% Bitcoin / USD BTCUSD $ 60,468.69
-$1,142.86-1.89% Volume 24.9 b Change -$1,142.86 Open $60,468.69 Circulating 18.85 m Market Cap 1.14 t 22 h UNIFY Financial Credit Union and Five Star Bank Allows Customers to Now Buy, Sell, and Hold Bitcoin 1 d Canadian Group-Retirement Savings Company Adds Bitcoin and Ethereum to its Plan 1 d Walmart is Running Pilot Program to Allow Users to Buy Bitcoin at 200 Coinstar Kiosks Across the US ETH -0.10% Ethereum / USD ETHUSD $ 4,038.06
-$4.04-0.10% Volume 14.9 b Change -$4.04 Open $4,038.06 Circulating 118.06 m Market Cap 476.72 b 1 d Canadian Group-Retirement Savings Company Adds Bitcoin and Ethereum to its Plan 1 d Robinhood’s Cryptocurrency Wallet Waitlist Grows Over 1 Million, says CEO 1 d $5.5 Billion AUM Pension Fund Buys Bitcoin and Ether Because They Can’t “Ignore” It Anymore
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 -2.03% Bancor / USD BNTUSD $ 4.12
-$0.08-2.03% Volume 32.13 m Change -$0.08 Open $4.12 Circulating 232 m Market Cap 955.83 m 3 w Grayscale Makes Solana (SOL) the 4th Biggest Holding in its Digital Large Cap Fund, Adds Uniswap (UNI) too 1 mon Jack Dorsey is Building a KYC-Complaint DEX for Bitcoin with a Decentralized Identity Solution 4 mon 99% of Cryptocurrencies are 'Overpriced' per DCG’s Barry Silbert, But ETC Isn’t One of Them CRV 9.03% Curve DAO Token / USD CRVUSD $ 3.68
$0.339.03% Volume 636.48 m Change $0.33 Open $3.68 Circulating 426.75 m Market Cap 1.57 b 2 w AnySwap and Aave Fork Geist Finance Send Fantom TVL Past $9 Billion, FTM Makes a New ATH 2 w DeFi TVL Climbs to A New ATH, Aave Dominates After Amassing $1 Billion on Avalanche 3 w Grayscale Makes Solana (SOL) the 4th Biggest Holding in its Digital Large Cap Fund, Adds Uniswap (UNI) too MATIC -2.49% Polygon / USD MATICUSD $ 1.58
-$0.04-2.49% Volume 1.34 b Change -$0.04 Open $1.58 Circulating 6.76 b Market Cap 10.7 b 2 d Polygon (MATIC) Network See App Developers Grow by 60% Monthly on Average; 145% Increase in Usage 4 d Sports Betting Platform DraftKings to Become Polygon Network Validator & Support Custom NFTs Drops in Marketplace 1 w Daily Transactions on Polygon (MATIC) Tank After the Gas Hike to Fight Spam ZRX -2.63% 0x / USD ZRXUSD $ 0.99
-$0.03-2.63% Volume 43.77 m Change -$0.03 Open $0.99 Circulating 845.34 m Market Cap 839.76 m 3 mon Neon Labs Integrates Cross-Chain EVM Solution Into Solana, Bringing Ethereum Dapps to the Blockchain 4 mon 99% of Cryptocurrencies are 'Overpriced' per DCG’s Barry Silbert, But ETC Isn’t One of Them 4 mon Polygon And 0x Team Up to Devote $10.5 Million Into Attracting New Users & Developers
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.