Grayscale’s Chainlink Trust (GLNK) shares are trading at a substantial premium of over 200% compared to the spot price of Chainlink’s LINK token.
Grayscale’s data shows that GLNK shares are trading at $39, while the LINK token’s market value is $12.51 as of press time. This means that the value of GLNK is three times higher than the underlying assets it holds.
Chainlink community ambassador ChainLinkGod first reported the surge in this premium on the social media platform X.
The chart below shows that the LINK and GLNK had traded almost at par earlier in the year before a premium difference emerged between the two assets in March.
Chart comparing Grayscale’s GLNK shares and LINK price performance from 2021 to 2023 (Source: Grayscale)
Since then, the premium has continued to grow, driven by Chainlink’s increased adoption and the use of its Cross-Chain Interoperability Protocol (CCIP) by major traditional firms such as South Korean gaming giant Wemade and the global financial messaging network Swift.
Data from Tradingview also shows that GLNK has maintained strong price performance throughout the year, rising by over 250% in the last six months and nearly 540% year-to-date.
Graph showing the price performance for GLNK shares in 2023 (Source: Tradingview)
CryptoSlate, citing CoinShares’ weekly update, recently reported that Chainlink-related crypto investment products enjoyed notable inflows during the past week, with $2 million invested.
Grayscale introduced its Chainlink Trust in May 2022 as a regulated product, providing U.S. investors with exposure to LINK. Since then, the product has attracted considerable interest, with total assets under management currently valued at $3.9 million.
However, like other Grayscale Trusts, GLNK shares are not redeemable for the underlying asset they track. This means investors can only exit their positions by selling the shares to another party.
Meanwhile, LINK is also experiencing a positive rally, reaching a yearly high of $12.65 on Nov. 6 before retracing to its current levels.
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