Grayscale’s Chainlink Trust (GLNK) shares are trading at a considerable premium of over 200% in comparison with the spot price of Chainlink’s LINK token.
Grayscale’s data exhibits that GLNK shares are trading at $39, whereas the LINK token’s market worth is $12.51 as of press time. Which means the worth of GLNK is 3 times higher than the underlying property it holds.
Chainlink neighborhood ambassador ChainLinkGod first reported the surge on this premium on the social media platform X.
The chart under exhibits that the LINK and GLNK had traded virtually at par earlier within the yr earlier than a premium distinction emerged between the 2 property in March.
Since then, the premium has continued to develop, pushed by Chainlink’s elevated adoption and the usage of its Cross-Chain Interoperability Protocol (CCIP) by main conventional corporations comparable to South Korean gaming big Wemade and the global financial messaging network Swift.
Information from Tradingview additionally exhibits that GLNK has maintained robust price efficiency all year long, rising by over 250% within the final six months and almost 540% year-to-date.
CryptoSlate, citing CoinShares’ weekly replace, not too long ago reported that Chainlink-related crypto funding merchandise loved notable inflows in the course of the previous week, with $2 million invested.
Grayscale launched its Chainlink Trust in Might 2022 as a regulated product, offering U.S. traders with publicity to LINK. Since then, the product has attracted appreciable curiosity, with whole property below administration at the moment valued at $3.9 million.
Nevertheless, like different Grayscale Trusts, GLNK shares aren’t redeemable for the underlying asset they observe. This implies traders can solely exit their positions by promoting the shares to a different social gathering.
In the meantime, LINK is additionally experiencing a positive rally, reaching a yearly excessive of $12.65 on Nov. 6 earlier than retracing to its present ranges.