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Grayscale Chainlink Trust Zooms to 200% Premium, Indicating Institutional Demand for LINK
The trust is one of the only ways for institutional investors to gain exposure to LINK tokens through a regulated product.
Updated Nov 8, 2023, 4:32 p.m. Published Nov 8, 2023, 7:38 a.m.
A regulated product that allows U.S. investors to gain exposure to Chainlink’s LINK is trading at a 200% premium to spot prices, suggesting institutional demand.
Prices of Grayscale Chainlink Trust (GLNK) have rocketed nearly 100% in the past week, closing at $39 on Monday from the $21 level on October 31. Each share holds just $12 worth of LINK, making it nearly three times pricier than the actual value of held assets.
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Chainlink community ambassador @ChainLinkGod first reported the premium surge in a post on Tuesday.
Grayscale Chainlink Trust $GLNK trading at a 200%+ premium over spot 🤔
— ChainLinkGod.eth (@ChainLinkGod) November 8, 2023
$39 per share, with 0.93482160 $LINK per share pic.twitter.com/0dxljSDzQ8
The chainlink product was released in May 2022 and has historically traded at a premium of over 20%. These premiums have shot to as much as 150% over two separate occasions – but Monday’s level is the highest ever so far.
As such, the Chainlink Trust holds just under $4 million worth of LINK and charges 2.50% annually in fees.
Grayscale’s trust products are the first investment vehicle of its kind to report financials regularly to the U.S. Securities and Exchange Commission (SEC). Grayscale and CoinDesk are part of the same parent company, Digital Currency Group (DCG).
LINK tokens were one of the top-performing major cryptocurrencies in the past 30 days, surging over 76% on the back of technical upgrades and institutional adoption of Chainlink’s services.
Some research firms have pegged LINK as the “safest bet” to profit from the growing real-world asset (RWA) tokenization hype, which may have helped boost the value of the tokens in recent weeks.
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