Chainlink buys back 139,956 LINK tokens for $1.13 million

Chainlink has bought back approximately 139,956 LINK tokens for a total of around $1.13 million. The tokens were exchanged for USDC through multiple transactions on CoW Swap, then combined and transferred to the project’s reserve wallet.

Chainlink is available at OKX and Bybit.

In brief:

• Chainlink buys back 139,956 LINK tokens for $1.13 million via CoW Swap
• The tokens have been forwarded to Chainlink’s reserve wallet
• The total reserve now stands at 5.35 million LINK, worth approximately $43.9 million

Buyback through multiple swaps

The buyback was carried out through a series of separate swaps on CoW Swap, with USDC being converted into LINK each time. The individual transactions are visible in the image above, ranging from a few thousand to more than one hundred thousand dollars per trade. After completion, all acquired tokens were sent to the reserve wallet in a single transaction.

In total, fourteen separate swap transactions took place almost simultaneously. The amounts per transaction range from approximately $12.700 to over $104.000 in LINK.

Reserve grows to 5.35 million LINK

Following this purchase, Chainlink holds 5.35 million LINK in its reserve wallet, which currently amounts to a value of approximately $43.9 million. The average purchase price per token in the reserve stands at $11.19.

Buyback programmes are a common way for crypto projects to increase pressure on the supply of a token. Whether Chainlink plans further purchases has not been announced for the time being.