Grayscale launched the Grayscale Chainlink Trust ETF (GLNK) on NYSE Arca on Tuesday, becoming the first spot Chainlink-traded product to enter the U.S. market.
This conversion moves the vehicle from a private trust to an ETF that holds Chainlink's native cryptocurrency, LINK, as its sole asset. Amendment S-1 It was filed last month and set out the structure of the newly listed product.
When asked why they chose this chain, a Grayscale representative said: decryption Chainlink was a natural candidate for the ETF wrapper, given that the company is a “long-time supporter” of the Chainlink Oracle Network and has operated the trust as a private fund since 2021.
With this debut, Grayscale becomes “the first company to provide ETFs with access to the world of blockchain oracles,” a spokesperson said. It will help investors “engage more directly with this critical layer of blockchain infrastructure,” they added.
Chainlink operates an oracle network “designed to connect smart contracts on any blockchain to real-world data, events, and off-chain computations,” as described by GLNK. prospectus Read. It added that the network “serves as an infrastructure to synchronize on-chain and off-chain information.”
The debut of Grayscale's Chainlink ETF follows the same confidence transformation path used by its Chainlink ETF. Launch of DOGE and XRP ETF Late last month, it started trading on the NYSE Arca after going through a similar process.
As the SEC explains in a public document, a cash-only model requires authorized participants to handle more buying and selling themselves. document. These additional costs can show up as a range of prices when a new ETF first begins trading.
SEC. New listing standardsIt was approved in September and served as a “key element” to “enable” the asset manager to launch the product. decryption That's what I was told.
The company said it was “able to submit its application to GLNK in reliance on the pathway outlined by the SEC at the beginning of the government shutdown.”
Share grayscale to decryption SEC statement Nevertheless, how the pending registration statement was certified shutdownwhich lasted several weeks, Liquidity affected For the broader cryptocurrency market.
This move “triggered a 20-day period before the product was automatically activated.” decryption That's what I was told.
Asked about their assessment of early trading, a Grayscale spokesperson said in a message sent around midday on Tuesday in New York, hours after the product debuted, “so far, trading volumes have been very positive.”
GLNK ended the launch day at $11.89, up 5.8%, and rose to around $12 in after-hours trading, according to Yahoo Finance. data.
Volume reached 1.17 million shares, well above the average of approximately 42,000 shares, indicating strong first-day interest and aggressive price discovery as newly listed ETFs transition from the OTC market to the NYSE Arca.
Grayscale claimed it was feeling “enthusiasm from a wide range of investors,” and secondary market activity appears to be consistent with that sentiment.
