<\/p>\n
GLINK shares are now trading for triple the price of spot LINK tokens.<\/p>\n
GLINK, shares in Grayscale\u2019s Chainlink Trust, have rocketed to a 200% premium compared to the spot LINK markets.<\/p>\n
The sizable spread was flagged<\/a> by ChainLinkGod, a prominent influencer and Chainlink community ambassador, on Nov. 7. The data shows the spread between GLINK and LINK growing from roughly 100% to 200% amid the latest Chainlink rally.<\/p>\n The news comes after LINK more than doubled in price over the past three weeks amid the broader crypto market recovery. LINK last changed hands for $13.13, up from $6.14 on Sept. 18, according to CoinGecko.<\/p>\n For comparison, there was no spread between the two assets in January of this year.<\/p>\n Shares in Grayscale\u2019s trusts cannot be redeemable for the underlying asset they track, meaning investors can only exit their position by selling the shares to a buyer.<\/p>\n The large spread between GLINK and LINK was driven by the total value locked in GLINK doubling to around $4M, with CoinShares reporting the product received $2M<\/a> worth of inflows over the past seven days. Grayscale Trusts shares are securities and are exclusively accessible to sophisticated investors.<\/p>\n \u201cWhile the AUM of $GLNK is only ~$4M, it’s interesting nonetheless to see the demand spike on a product geared towards institutional investors,\u201d ChainLinkGod said.<\/p>\n Although Grayscale Trust shares are non-redeemable today, many pundits believe that may soon change.<\/p>\n Start for free<\/a><\/div>\n Grayscale first applied to convert<\/a> its Bitcoin Trust into a Bitcoin exchange-traded fund in Oct. 2021, but was knocked back by the U.S. Securities and Exchange Commission (SEC). However, the U.S. District of Columbia Court of Appeal sided with Grayscale\u2019s appeal<\/a> in August, ruling that Grayscale\u2019s Bitcoin Trust is \u201cmaterially similar\u201d to futures ETFs previously approved by the SEC.<\/p>\n Last month, the SEC declined<\/a> to appeal the court\u2019s decision before its October deadline expired, fuelling speculation that its ETF conversion may soon go ahead and pave the way for other Grayscale Trusts to undergo similar restructurings.<\/p>\n The news followed a spot Bitcoin ETF application from BlackRock<\/a>, the world\u2019s largest asset manager, in July, which ignited bullish expectations that the first exchange-traded fund investing in spot BTC may soon receive regulatory approval.<\/p>\nGrayscale Trusts<\/h2>\n
ETF ambitions<\/h2>\n
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