Solana Priced at $328? Grayscale SOL Shares Soar

Solana’s worth is flying excessive once more on crypto exchanges. Nonetheless, regulated buyers worth SOL tokens at an astounding premium in Grayscale Solana Belief (GSOL).

The common SOL worth on crypto exchanges was slightly below $62 Saturday afternoon U.Okay. time, in keeping with knowledge from CoinGecko. That places the sensible contract blockchain platform up over 49% within the seven-day window.

Moreover, Solana is hovering over 180% on the 30-day scale after a surprising “Uptober” rally in crypto costs throughout the board.

Grayscale Solana Fund Shares Soar

However on Grayscale’s SOL fund, the DeFi blockchain’s tokens are doing even higher. In keeping with AAII, the fund supplies a “cost-effective and handy solution to put money into SOL tokens (“SOL”) whereas avoiding the complication of instantly holding SOL.”

Leaving no stone unturned, an X.com crypto sleuth took a have a look at the cryptocurrency hedge fund’s numbers Friday and did the maths. Right here’s what “jay on X” found:

Okay so…

– Greyscale SOL fund is buying and selling at $125 a share
– Every share holds 0.38 SOL
– Implies $SOL is at $328 per token
– 600% premium to NAV (utilizing $55)

What the fuck?

Solana is actually going to the moon holy shit lol pic.twitter.com/8E9A1UQiDj

— jay (@0xjaypeg) November 10, 2023

So, whereas retail merchants, third-world denizens, and whole “degens” are shopping for 1 SOL for $62 on crypto exchanges like Binance and KuCoin, sensible cash is shopping for 0.38 SOL for $125.

Whenever you do the maths, that comes out to $328 for every Solana token. This reveals that institutional buyers are glad to pay the Grayscale premium to get Solana from a regulated, custodial Solana ETF fund.

Tradfi Demand for SOL Working Excessive

Jay concluded in the following dialogue:

“it provides us a gauge of demand from trad-fi, and its crystal clear trad-fi needs to bid $SOL”

Right here’s the kicker: Only a day after “jay on X” posted their discovery, GSOL is buying and selling at $202 per share, with the identical 0.38 SOL per share. That’s a going worth of $531 for 1 SOL token in Grayscale’s Solana ETF in OTC markets on Saturday.

Narratives matter.$ETH: $0 to $1400 to $80 to $4868$SOL: $0 to $260 to $8 to $1000

Don’t assume this isn’t getting into the thoughts of each investor.

— ◢ J◎e McCann 🧊 (@joemccann) November 11, 2023

There are at present 304,427 shares excellent for a complete property below administration of $6,344,128 within the Grayscale SOL fund. Right here’s the place folks have been shopping for Solana essentially the most over the previous three weeks.