Grayscale, a crypto asset management firm, is poised to launch the first spot Chainlink exchange-traded fund (ETF) in the U.S. this week, as noted by ETF Institute co-founder Nate Geraci.
“Launching this week… First spot LINK ETF. Grayscale will convert its Chainlink private trust into an ETF,” Geraci mentioned via X on Sunday.
This announcement comes as a competing LINK ETF from Bitwise is also pending approval.
Geraci’s forecast aligns with estimates from Bloomberg Intelligence, which suggests Grayscale’s product will debut on Dec. 2, as indicated by senior ETF analyst Eric Balchunas.
Last week, Balchunas projected a “steady supply” of over 100 ETFs expected to launch in the upcoming six months, sharing a screenshot that highlighted Grayscale’s anticipated LINK ETF launch date.
“Five spot crypto ETFs are launching in the next six days. Beyond that, we anticipate a steady flow (likely over 100 in the next six months),” Balchunas tweeted on Nov. 24.
Related: Bitcoin 2022 bear market correlation hits 98% as ETFs add $220M
Similar to several of Grayscale’s other ETFs, the Grayscale Chainlink Trust will convert the firm’s LINK trust into an ETF, five years after its establishment in late 2020.
This product will generate returns by tracking the spot price of LINK and from staking returns.
Grayscale has expressed strong optimism about the Chainlink ecosystem, recently describing it in a report as a “critical connective tissue” between crypto and traditional finance.
The recent change in SEC leadership has opened the floodgates for crypto ETFs in the U.S., with approvals granted for assets like Solana (SOL), XRP (XRP), and Dogecoin (DOGE) this year.
Last month, Grayscale also introduced a spot ETF for XRP and DOGE.
Magazine: Solana vs Ethereum ETFs, Facebook’s influence on Bitwise: Hunter Horsley
