Each share only corresponds to about .093 litecoin, and each share costs $190. This seems ridiculous. Am I missing something? Their bitcoin fund looks much better priced, how did they screw their LTCN fund up so bad?
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As you’ve pointed out, there is currently a disparity between LTC price and the price of LTCN. I think this is due to lack of knowledge, not necessarily due to a Grayscale rip off. Assuming the appropriate arbitrage occurs, the market will correct itself. That said, LTCN is a bargain at current prices.
Note - this is not investment advise. Do your own research.
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They misjudged demand and failed to buy more Litecoin in time to add to the fund.
Current price as of closing on Dec 28th 2021 the price per share of LTCN is $9.63. Since the share represents 0.09172522 LTC the NAV (net asset value) of each share is $ 13.57. So you are able to buy LTC at a huge discount at the moment. It is a bargain. This is a trust not an ETF so you will see price different from NAV according to market demand for shares. An ETF would more closely follow NAV due to the way the fund operates.
According to their Grayscale Litecoin Trust website:
LTC per share 0.09086851
Market Price / Share *
At close as of 12/28/2021
$9.62
At the time of this post this quantity of LTC is worth US$13.48 so right now their units are undervalued.
On 7th April when you posted LTC was worth US$212.23 - $243.15. This would put the value of a 0.093 LTC unit at US$19.74 - $22.61.
Citation: Litecoin USD (LTC-USD) Stock Historical Prices & Data - Yahoo Finance