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Chainlink Attracts Institutional Giants, Driving Grayscale Trust Premium Sky-High

Grayscale Chainlink Trust (OTCQB: GLNK) is currently trading at a 200% premium to spot prices, indicating high institutional demand. Chainlink community ambassador @ChainLinkGod highlighted the growth on his X handle.
byKhyathi Dalal
November 8, 2023
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Grayscale Chainlink Trust (OTCQB:GLNK) is currently trading at a 200% premium to spot prices, indicating high institutional demand. Chainlink community ambassador @ChainLinkGod highlighted the growth on his X handle.

GLNK is a regulated product enabling U.S. investors to gain exposure to Chainlink’s LINK (CRYPTO: LINK) token. Each share holds just $12 worth of LINK which makes it almost three times more expensive than the actual value of held assets, CoinDesk reports. The trust holds around $4 million worth of LINK and was released in May 2022.

Rising institutional demand has been pushing crypto token prices higher. This would be one of the many topics of discussion at Benzinga’s Future Of Digital Assets Event in New York scheduled on Nov.14. Attend and learn more about Chainlink and the Grayscale Chainlink Trust. The gathering is seen as pivotal for the digital assets community. The event will spotlight the latest trends, innovations, and challenges in the digital asset realm.

While historically GLNK has reported a premium of more than 20%, premiums have increased to almost 150% over two separate instances.

Also Read: Cross-Chain Interoperability Made Easy With Chainlink Protocol On BNB Chain

Why It Matters: Grayscale Trust offerings stand out as the initial investment instruments in their category to file financial statements with the SEC. CoinDesk reports that this aspect positions them as a secure investment to capitalize on the increasing adoption of tokenization of tangible assets, according to some experts.

Industry titans BlackRock, DTCC, OCC, State Street, Société Générale, Hedera, Citi, BMO, Northern Trust, Citibank, Amazon, S&P Global, Google, Invesco, and Moody’s will join our November 13 Fintech Deal Day and November 14 Future of Digital Assets. Secure a spot here to join them.

Notably, Grayscale’s trust shares cannot be redeemable for the underlying asset they track, implying investors can only exit their position by selling their shares to a buyer.

Optimism may also stem from Grayscale’s application to transform its Bitcoin trust into a Bitcoin ETF, a move that could receive regulatory approval in the near future.

Price Action: Shares of GLNK were up 35% on Wednesday to $52.95, while LINK is up 10.7% in the past 24 hours.

Read More: Hong Kong’s HashKey Exchange Lists This Top 20 Token For Professional Trading

Photo: Shutterstock

 
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