If you’re around markets long enough, you’re bound to see some crazy things.
Manias.
Crashes.
Negative interest rates.
Negative crude oil.
The list goes on and on.
But what we saw this week in something called the Litecoin Investment Trust ($LTCN) just may be the craziest thing you will ever see.
The trust closed on Tuesday at $500 per share.
What’s so crazy about that, you ask?
Well, take a look at the line way down at the bottom of the chart.
That’s the current value of its underlying holdings (Litecoin, a cryptocurrency).
Yes, you read that correctly: $8.37 per share.
That means someone bought the trust at $500, paying a 5,874% premium above what the Litecoin assets in the trust were worth.
Crazy?
Indeed.
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