The Ethereum Classic Investment Trust (OTC: ETCG) is currently trading at a premium of more than 300 percent over the value of the fund’s underlying assets. The fund, a product of Grayscale Investments, provides investors with exposure to ethereum classic (ETC) by holding the cryptocurrency on their behalf. Each share of ETCG is equivalent to just under 0.97 ETC, though this figure declines over time as the fund sells assets to cover Grayscale’s three percent annual management fee. According to data supplied by Grayscale, each ETCG share had a net asset value (NAV) of $14.21 when the markets closed on Tuesday, giving the fund a total valuation of $54.3 million. However, shares of ETCG are currently priced at $57.30 on the open market, representing a premium of 303 percent over NAV. ETCG Price Chart | Source: Trading ViewAs CCN reported, ETCG is the second Grayscale fund to be publicly quoted on OTC Markets, enabling retail investors to trade shares through conventional brokerage accounts. Previously, ETCG was only available to accredited investors, who could purchase shares directly from Grayscale through a private placement. Since Grayscale shares cannot be redeemed for “physical” cryptocurrency, their prices frequently diverge from their NAV due to market forces. The Bitcoin Investment Trust (OTC: GBTC), the firm’s other publicly-quoted fund, is currently priced at a 61 percent premium, though it has traded at more than double its NAV in the past. ETCG’s steep premium likely stems from the fund’s low liquidity. Although the fund can now be traded on brokerage platforms, investors have been keeping a tight fist on their shares. Data from OTC Markets indicates that fund has had an average daily volume of 8,739 shares over the past month, which equates to approximately $500,000 at the current share price. However, there is also speculation that some investors may be mistaking the fund for the similarly-named Ethereum Investment Trust, which is currently only available through a private placement. That fund’s NAV, incidentally, is $53.41