Solana’s Price Surge
Solana’s value is once again on the rise in crypto exchanges, with an impressive premium placed on SOL tokens in Grayscale Solana Trust (GSOL).
Over the past seven days, the average SOL price on crypto exchanges has surged by over 49%, reaching just under $62. Additionally, there has been a remarkable 180% increase in Solana’s value over the last 30 days following a significant rally in crypto prices.
Grayscale Solana Fund Shares Soar
On Grayscale’s SOL fund, the DeFi blockchain’s tokens are performing even better. The fund offers a cost-effective and convenient way to invest in SOL tokens while avoiding the complications of directly holding SOL.
An investigation into the cryptocurrency hedge fund’s numbers revealed that Grayscale SOL fund shares are trading at $125 each, holding 0.38 SOL per share, which implies that $SOL is at $328 per token, representing a 600% premium to NAV.
While retail traders are buying 1 SOL for $62 on crypto exchanges, institutional investors are happy to pay a premium to get Solana from a regulated custodial Solana ETF fund.
Tradfi Demand for SOL Running High
This situation indicates high demand for $SOL from traditional finance (trad-fi). Just one day after this discovery, GSOL was trading at $202 per share, with the same 0.38 SOL per share, translating to a price of $531 for 1 SOL token in Grayscale’s Solana ETF in OTC markets on Saturday.
Hot Take: Institutional Investors Are Willing to Pay a Premium for Solana
The surge in Solana’s value and the significant premium paid by institutional investors for access to SOL tokens through Grayscale’s ETF indicates strong demand from traditional finance and regulated investors. This demonstrates confidence in Solana’s potential and suggests that it may continue to attract attention from smart money and financial institutions.
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