Grayscale Replaces XRP With Chainlink

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Grayscale Investments, the world’s largest asset manager for digital investments, made a surprise reveal earlier this month when it replaced its XRP holdings with Chainlink. The Blue Chip DeFi coin Chainlink thus gets a lot of positive investment press and attention from institutional investors.

Given the current good tidings surrounding Ripple Labs, which has seen its native coin XRP rise to above $1 for the first time since 2018, it sure was a strange announcement, but given that a company like Grayscale needs to let several weeks pass between reordering and announcing, it was a bit expected.

200% year-to-date

In the wake of Ripple Labs being sued by the US Securities and Exchange Commission, Grayscale announced to its investors that it was replacing its XRP holdings with a similar sized investment in Chainlink, the popular DeFi coin that has been in the CoinMarketCap top 10 for several months on end now.

$LINK was added to Digital Large Cap Fund. No others assets qualified for inclusion. The below table highlights the Fund’s weightings as of April 2, 2021: $BTC $ETH $BCH $LTC $LINK pic.twitter.com/Mf8lIcNEFx

— Grayscale (@Grayscale) April 6, 2021

Chainlink itself is enjoying a fantastic 2021 so far, having risen almost 200% year-to-date.

The Link Marines, the group of social media commentators supporting the coin, welcomed the news.

Let’s go #LINK marines, “they may take our ‘xrp’ but they’ll never take our $LINK “ pic.twitter.com/INfyThZFbp

— the Bitcoin report (@timothy_bruss) April 7, 2021

Grayscale explained in it’s press release that it:

Adjusted the Fund’s portfolio by selling the existing Fund Components in proportion to their respective weightings and using the cash proceeds to purchase Chainlink (LINK) in accordance with the Fund’s construction criteria.