While Grayscale’s victory against the SEC increased the likelihood that ETF products would be accepted, demand for the company’s products began to grow.
While the discount on GBTC shares has gone below 15 percent, the SOL premium is rising rapidly. While GSOL shares were at $87 at the beginning of the month, the price rose to more than $200. Considering that the company maintains 0.38 SOL per share, the premium rate is 784%.
Given that Grayscale’s products are generally purchased by institutional investors, it might be thought that demand for SOL comes from larger players. Specifically in CoinShares’ crypto fund report, it was noticeable that Solana investments had increased significantly over the months.
Solana, which is pushing the $60 range, has reached this level for the first time since May 2022.
As is known, Grayscale’s investment funds are not the same as ETFs and they have differences. For example, Grayscale funds do not directly track the price of that cryptocurrency. Like Solana, the price may exceed the actual value of the cryptocurrency. Or it may appear that the price of GBTC, the Bitcoin fund, is lower than the actual price of Bitcoin. Earlier this year the price of GBTC fell 50 percent below the actual price of Bitcoin.
However, with SEC approval, it is expected that GBTC shares will be allowed to be converted into a Bitcoin ETF.
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