Crypto asset management firm GraceScale is set to launch America’s first spot channel-linked exchange-traded fund this week, according to ETF Institute co-founder Nate Geraki.
“Set to launch this week… FirstSpotLink ETF. Gracescale chainlink will be able to convert/convert private trusts into ETFs,” Jeraki noted via X on Sunday.
This comes as crypto asset managers wait in the wings for another Link ETF to compete with Bitcoin.
Jeraki’s forecast is in line with estimates from Bloomberg Intelligence, which indicated a Dec. 2 launch of the GraceScale product, according to Eric Balchunas, senior ETF analyst at Bloomberg.
Last week, Balchunas predicted a “steady supply” of more than 100 likely to launch in the next six months, as he shared a screenshot showing the expected grayscale launch date for his Link ETF.
“5 spot crypto ETFs are launching in the next 6 days,” Balchunas noted via X on Nov. 24.
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Like many of the firm’s other ETFs, the Grayscale ChainLink Trust will convert to the firm’s LinkTrust ETF in late 2020, five years after its formation.
The product will generate returns by tracking the spot price of the link, as well as the returns received from staking links.
Gracescale has been bullish on the chainlink ecosystem, calling it a “critical connective tissue” to traditional finance in a recent research report.
A change in SEC leadership this year has seen the floodgates open for crypto ETFs in the U.S., with asset-linked ETFs like Solana (SOL), XRP (XRP), and Dogecoin (DOGE) getting the green light this year.
Last month, Gracescale also launched Spot XRP and DOGE ETFs.
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