Grayscale Investments has filed to create a Chainlink ETF, which may have significant implications for the cryptocurrency market.
Details of the ETF Filing
Grayscale Investments has submitted an S-1 form to the SEC to change its Grayscale Chainlink Trust into a spot Chainlink (LINK) ETF. If accepted, the ETF will be traded on NYSE Arca with the symbol GLNK, allowing direct access to LINK's price with staking options. The ETF will be managed by Coinbase Custody Trust Company, and the current Grayscale Chainlink Trust holds over $28 million in assets.
Growing Popularity of Crypto ETFs
Grayscale's filing reflects a broader industry trend, as asset managers like 21Shares and Bitwise seek regulatory approval for various crypto-based investment products. This wave of applications indicates a growing confidence among financial institutions in the market regulations.
Impact on Chainlink Price
Following the news of the ETF filing, the price of LINK surged approximately 5%, trading around $23.14. The anticipated spot Chainlink ETF could simplify access to digital assets beyond Bitcoin and Ethereum for a broader audience of investors.
The ETF filing could be a significant step toward democratizing access to Chainlink, potentially attracting new investors to the cryptocurrency industry.
