Crypto asset management firm Grayscale will launch the U.S.'s first spot Chainlink exchange-traded fund this week, based on ETF Institute co-founder Nate Geraci.
“To launch this week…First Spot Link ETF. Grayscale will give you the chance to list/convert Chainlink Private Trust to ETF,” Geraci noted on X on Sunday.
It comes as one other LINK ETF from rival crypto asset manager Bitwise is waiting within the wings.
Source: Nate Geraci
According to Eric Balchunas, senior ETF analyst at Bloomberg, Geraci's prediction is in keeping with estimates from Bloomberg Intelligence, which announced the launch of Grayscale's product on December 2nd.
Last week, Balchunas predicted a “regular supply” of probably over 100 coming to market over the following six months as he posted a screenshot showing Grayscale’s expected launch date for its LINK ETF.
“There shall be five spot crypto ETFs coming to market in the following six days. Beyond that, we don't have specifics, but we expect a gentle supply of them (likely over 100 in the following six months),” Balchunas noted via X on November 24.
Like several of the corporate's other ETFs, the Grayscale Chainlink Trust shall be a conversion of the corporate's LINK Trust into an ETF, five years after its inception in late 2020.
The product generates returns by tracking the spot price of LINK in addition to the returns from staking LINK.
Grayscale expressed optimism in regards to the Chainlink ecosystem, calling it “critical connective tissue” that connects crypto to traditional finance in a recent research report.
The change in SEC leadership this 12 months has seen the floodgates open for crypto ETFs within the US, with ETFs tied to assets equivalent to Solana (SOL), XRP (XRP) and Dogecoin (DOGE) all getting the green light this 12 months.
Last month, Grayscale also launched a spot XRP and DOGE ETF.
