Grayscale Litecoin Trust (OTCQX: LTCN) stock rose impressively by 26.02% at the last trading session to close at $189.02. Over the last week, the stock returned 31.5% while it lost 39.76% over the past month. The increase in LTCN Stock resulted from the news that an adjustment was made in a portfolio managed by its parent organization.
What were the adjustments?
Grayscale Litecoin is a security that enables investors to gain exposure to Litecoin without having to deal with the difficulties of purchasing, storing, and managing physical Litecoin. In private placements, LTCN shares are distributed, and following a statutory holding period of one year, shares may be sold at the open market. Investing in the LTCN shares isn’t exactly an investment in Litecoin, but these shares give investors a convenient way to gain exposure to Litecoin at a cost-effective rate.
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Greyscale Investments, the parent company of LTCN, has been managing digital currency assets and manages Grayscale Digital Large Cap Fund as well. A Grayscale representative yesterday announced the updated Fund Component weights for the Fund as part of the quarterly review.
By selling existing Fund Components according to their respective weightings in the Fund’s portfolio, LTCN’s parent firm has used the cash proceeds to purchase Chainlink (LINK) in line with the Fund’s construction criteria. An announcement was made in conjunction with the last launch of Grayscale Chainlink Trust, a single-asset investment product allowing investors to participate in the price movement of LINK tokens.
How Chainlink works?
Chainlink is a blockchain-based protocol that takes advantage of Ethereum’s decentralization. Chainlink facilitates the transfer of data from off-chain sources to on-chain applications via a wide network of nodes, also known as an Oracle service. Incentivize Chainlink node operators to provide oracle services through its native token, LINK.