Grayscale Ethereum Trust (OTCQX: ETHE) is a unique mechanism designed to let investors gain exposure to crypto markets within traditional investment instruments. In the past days, its price pump has outperformed Ethereum's (ETH) by orders of magnitude.
Revolutionary tool or FOMO bubble?
The price of ETHE closed the previous month below the $120 level, but in the first days of June it has gained enormous steam. The ETHE price revisited February highs and is now changing hands at $177.

Its Ethereum (ETH) holdings (USD equivalent) per share numbers are also relatively high: $22.78 per share. This means that each stock is correlated with 0.09 ETH in Grayscale holdings.
The ETHE price is about 0.75 Ether. As a result, investors' 'valuation' of one Grayscale Ether is about $1,800.
This contradiction was noticed in a tweet by the Ethereum (ETH) contributor Alexander Fischer, the organizer of the Michigan Ethereum Meetup.

Commenters on his account believe that this may mean that Ethereum (ETH) is heavily undervalued.
Alarming hype
Seasoned investor Andrew Kang believes that such a huge influx of money into an Ether-based instrument will fuel its short-term run. So, ETH holders may be bullish on this asset.

Other opinions insist that this is a bubble for boomers. Such an overhyped product could end up in a bearish reversal, they highlight.
The Grayscale investment giant is a pioneer in bridging traditional investment instruments and the digital assets market. At the moment, it offers stocks from nine single-coin trusts (Bitcoin (BTC), Ethereum (ETH), XRP, ZCash (ZEC) and more) as well as a diversified Digital Large Cap Trust.
ETHE Stocks are traded on the over-the-counter platform OTCQX (also Pink).