Chainlink Price Surges on Grayscale’s ETF Filing

Chainlink’s price has jumped above $23.25, with bulls riding the latest news around Grayscale’s filing for a LINK spot exchange-traded fund. The oracle network’s native token has seen significant gains, moving higher alongside other top altcoins.

Recent Price Movement

Chainlink price rose sharply to break to highs of $23.29 and see buyers edge towards the key resistance area of $24.00. While LINK remains below the key resistance level, gains on the day and the overall outlook may allow buyers to target fresh highs.

Grayscale’s Move to Launch Chainlink Spot ETF

Grayscale is one of the top crypto asset managers and its moves in the space have contributed to significant traction for altcoins. The company is taking its growth to another level with an S-1 filing for approval to launch a Chainlink spot exchange-traded fund.

Details of the Filing

According to an SEC filing, Grayscale has applied for permission to convert its Chainlink Trust into a spot ETF, with the asset expected to trade on the New York Stock Exchange under the ticker GLNK. Grayscale, which also has applications for ETFs tracking Dogecoin, Litecoin, Avalanche, and XRP, among others, is eyeing a cash-based model for the LINK spot ETF.

Expected Trading and Pricing

“It is expected that the Shares will be sold to the public at varying prices to be determined by reference to, among other considerations, the price of LINK and the trading price of the Shares on the NYSE Arca at the time of each sale,” reads part of Grayscale’s preliminary prospectus for the ETF. This approach could lead to increased liquidity and more stable pricing for the token.

Impact of SEC Approval

The SEC approved spot ETFs for Bitcoin and Ethereum in the U.S. in 2024, with the prices of BTC and ETH surging as the funds went live. Inflows have skyrocketed since, and analysts predict potentially notable traction for other crypto spot ETFs awaiting the securities watchdog’s nod. If approved, Grayscale’s Chainlink spot ETF could lead to similar price movements for LINK.

Chainlink’s Growing Adoption

Chainlink’s adoption as a decentralized oracle network has recently received a boost following the U.S. Department of Commerce’s move to bring macroeconomic data onchain. This development, combined with Grayscale’s ETF filing, could lead to increased interest and investment in the token, driving its price higher.

Conclusion

The recent surge in Chainlink’s price is a significant development for the token and the broader crypto market. With Grayscale’s filing for a Chainlink spot ETF and the growing adoption of the oracle network, buyers may be able to target fresh highs in the coming days. As the crypto market continues to evolve, news platforms like bitpulse will provide timely updates and analysis on the latest developments.