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 typical SOL worth on crypto exchanges was just below $62 Saturday afternoon U.Okay. time, in response to information from CoinGecko. That places the good contract blockchain platform up over 49% within the seven-day window.

Moreover, Solana is soaring 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 response to AAII, the fund provides a “cost-effective and handy method to spend money on SOL tokens (“SOL”) whereas avoiding the complication of instantly holding SOL.”

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

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, good cash is shopping for 0.38 SOL for $125.

While you do the mathematics, that comes out to $328 for every Solana token. This reveals that institutional buyers are completely satisfied 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 desires to bid $SOL”

Right here’s the kicker: Only a day after “jay on X” posted their discovery, GSOL is trading 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 suppose this isn’t getting into the thoughts of each investor.

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

There are at the moment 304,427 shares excellent for a complete property underneath administration of $6,344,128 within the Grayscale SOL fund. Here’s where individuals have been shopping for Solana probably the most over the previous three weeks.