The regulated product Grayscale Chainlink Trust (GLNK), which gives American investors exposure to Chainlink’s LINK, is trading at a 200% premium to spot pricing, suggesting robust institutional demand. Prices for GLNK have increased by almost 100% in the last week, ending at $39 on Monday as opposed to October 31’s $21 level. With just $12 worth of LINK held in each share, the price of a share is nearly three times that of the assets it actually owns. In a post on Tuesday, Chainlink community advocate @ChainLinkGod first mentioned the premium spike.
Launched in May 2022, the Chainlink product has consistently traded at a premium of more than 20%. Although these premiums have risen as much as 150% twice before, the level on Monday is the biggest on record. At present, the Chainlink Trust levies an annual fee of 2.50% and has LINK valued at somewhat less than $4 million. The trust products offered by Grayscale are the first of their type to submit regular financial reports to the Securities and Exchange Commission (SEC) of the United States. Digital Currency Group (DCG) is the parent firm of both CoinDesk and Grayscale.
Thanks to technical improvements and institutional acceptance of Chainlink‘s services, LINK tokens have surged over 76% in the last 30 days, making them one of the top-performing major cryptocurrencies. As a result of the increased buzz around real-world asset (RWA) tokenization, some research firms have determined that LINK is the’safest bet’ to profit from it. This could be the reason behind the current spike in token value.
