It's determined by the market, but if you look at it this way, each on entitles you to buy 1 share at 0.055. So if the Ice was trading at 0.065 then you would expect the price of the ICGRB to be around 0.01. This doesn't take into account the value of the options you also receive. Basically it's the same way options are valued by the market.
It's determined by the market, but if you look at it this way,...
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