Grayscale’s Chainlink Trust (GLNK) stock is trading at a 200% premium to the spot price of the Chainlink LINK token.
ChainLinkGod first reported this premium increase on social media platform X.
“One of the first securities to invest solely in LINK and derive value from its price.
Grayscale Chainlink Trust invests completely passively in LINK, allowing investors to obtain their investment in LINK in the form of securities while avoiding the challenges of purchasing, storage, and more.
— ChainLinkGod.eth (@ChainLinkGod) November 8, 2023
The chart below shows that at the beginning of the year, LINK and GLNK were trading almost at par, before the two assets saw a large spread in March.
Since then, premiums have continued to rise as large traditional players such as South Korean gaming giant Wemade and global financial information network Swift increasingly adopt Chainlink and the Cross-Chain Interoperability Protocol (CCIP).
Data from Tradingview also shows that GLNK has maintained strong price performance throughout the year, rising more than 250% in the past six months and nearly 540% year-to-date.
Grayscale launched Chainlink Trust as a regulated product in May 2022, providing U.S. investors with investment opportunities in LINK. Since then, the product has generated significant 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 assets they track. This means an investor can only exit the position by selling the shares to another party.