LINK price jumps as Grayscale files for Chainlink ETF

Chainlink’s price has jumped above $23.25, with bulls riding the latest news around Grayscale’s filing for a LINK spot exchange-traded fund.

Chainlink ( LINK ) price rose sharply to break to highs of $23.29 and see buyers edge towards the key resistance area of $24.00.

The oracle network’s native token moved higher alongside other top altcoins, but the current momentum also followed news that Grayscale had filed for a LINK spot ETF with the United States Securities and Exchange Commission.

Chainlink price chart. Source: crypto.news

While LINK remains below the key resistance level, gains on the day and the overall outlook may allow buyers to target fresh highs.

Grayscale files for a Chainlink spot ETF

Grayscale is one of the top crypto asset managers and its moves in the space have contributed to significant traction for altcoins.

The company is taking its growth to another level with an S-1 filing for approval to launch a Chainlink spot exchange-traded fund . 

According to an SEC filing, Grayscale has applied for permission to convert its Chainlink Trust into a spot ETF, with the asset expected to trade on the New York Stock Exchange under the ticker GLNK. Grayscale, which also has applications for ETFs tracking Dogecoin, Litecoin, Avalanche, and XRP, among others, is eyeing a cash-based model for the LINK spot ETF.

“It is expected that the Shares will be sold to the public at varying prices to be determined by reference to, among other considerations, the price of LINK and the trading price of the Shares on the NYSE Arca at the time of each sale,” reads part of Grayscale’s preliminary prospectus for the ETF.

The SEC approved spot ETFs for Bitcoin and Ethereum in the U.S. in 2024, with the prices of BTC and ETH surging as the funds went live. Inflows have skyrocketed since, and analysts predict potentially notable traction for other crypto spot ETFs awaiting the securities watchdog’s nod.

Chainlink’s adoption as a decentralized oracle network has recently received a boost following the U.S. Department of Commerce’s move to bring macroeconomic data onchain.