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How I became a cryptocurrency baron (for a weekend)

Ken Schachter

Ken Schachter Credit: Newsday/John Paraskevas

On Friday, May 21, I took the plunge, buying 100 shares in Grayscale Ethereum Trust at $24.80 after headlines about China's crackdown on crypto rattled markets.

The security, ticker symbol "ETHE," does not confer direct ownership in Ethereum, a major cryptocurrency, but seeks to track its price movements. (The Securities and Exchange Commission is reviewing applications for funds that hold cryptocurrency directly.)

Over the weekend crypto continued to get crushed. (Unlike stocks, cryptocurrency trades 24 hours a day, seven days a week.)

By early Monday, May 24, I decided to cash out as a winner. I sold all 100 shares at a price of $24.84, a gain of $4. (That's right. There are no missing zeros. $4. Almost enough to buy a frappuccino.)

If I had held out till the end of the day, I could have ridden that position to a gain of $26.32, enough to buy frapuccinos for Newsday's entire business staff. So much for crypto riches.

Disclosure: Ken Schachter still owns $127.57 (based on a recent accounting) worth of bitcoin and a few other cryptocurrencies.

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