Grayscale, a digital asset management company, presented its S-1 form on September 5th before the U.S. Stock Exchange and the Securities Commission (SEC).
The Grayscale proposal, published today on Monday, is to convert ChainLink Trust, an existing investment fund, which is an ETF that provides direct exposure to the price of a link, a cryptocurrency linked to the ChainLink decentralized Oracle platform.
The fund is currently trading in the OTC market («over the counter» or outside the counter, Spanish) as a private investment vehicle. If this conversion is approved, the link could reach major US stock market blockers, increasing liquidity and access to institutional and retail investors.
According to the form, the ETF will be quoted on the NYSE ARCA Stock Exchange under GLNK tickets. Additionally, Exchange Coinbase has been shown to act as a preferred corridor for running and custody of Links.
It’s important to emphasize that ETFs can link some of their assets to staking if their financial and regulatory conditions are metthrough this mechanism, investors can generate additional income.
Assets may be carried out together with external suppliers, assets remain in custody, and compensation may be retained, sold or distributed. If approved, it should be clear that including this mechanism will be the first product of this type.
After the document was presented, the link price responded upwards, moving from $22.24 to $23.18. This represents a daily increase of 4%as seen in the following graph.
As reported by Cryptonoticias, Grayscale has already implemented this strategy to convert funds into ETFs in both Bitcoin products such as the Grayscale Bitcoin Trust (GBTC) and the Grayscale Bitcoin Mini Trust ETF (BTC).
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