I am still reading through the SquishChaos report on “Ethereum’s Triple Halving”, and will summarize it, either in the Portfolio Review (which should be out in the next day or three), or in a separate note. Suffice it to say, I find the thesis around the entire move to Proof-of-Stake for Ethereum a compelling one. And while I will never be any kind of crypto-maximalist (either Bitcoin or anything else), I want exposure across the front running crypto-currencies. For now that remains Bitcoin and Ethereum, but I felt a little underweight in the latter.
Along with an Arrival of Inflation spooking the markets in general (remember, inflation is a big part of our core thesis) and then Elon Musk chiming in and tanking cryptos with his flip/flop on Tesla’s accepting Bitcoin, we have a pocket of opportunity here. Until now I was ruminating about chasing Ethereum to bolster exposure, especially with it above the $4,000 mark. But all of this has combined to make a perfect storm where all of the Ethereum ETFs are now all trading at significant discounts to NAV:
For the Americans, there is the Grayscale Ethereum Trust, and for the three Canadian issues, I’m using the units that are priced in USD, this way we have a coherent comparison. The units are:
There is still the matter of Ethereum Capital Corp (NEO:ETHC) which despite putting in a decent run after Ethereum blasted off, is still trading at a significant discount:
I picked up some ETHX in an RRSP and ETHH for my TFSA and daughter’s coffee can portfolio. I’m already holding a chunk of QETH in a corporate account.
Thanks again for saying “yes” to Crypto Capitalism. Sincerely,
Mark E. Jeftovic
