Regulators Face Crypto ETF Tipping Point as Grayscale Shifts to Spot Chainlink Fund

Grayscale Investments has submitted a proposal to the U.S. Securities and Exchange Commission (SEC) to transform its Grayscale Chainlink Trust into a spot Chainlink (LINK) exchange-traded fund (ETF) . The proposed ETF is expected to trade on the NYSE Arca under the ticker symbol GLNK . This initiative aligns with a broader industry trend, as several asset managers are seeking regulatory approval for crypto-based investment products . The Grayscale Chainlink Trust currently oversees assets exceeding $28 million .

The proposed ETF aims to provide investors with direct exposure to the price of LINK tokens. Initially, the fund will handle purchases and sales through cash transactions, with Coinbase Custody Trust Company serving as the custodian . Grayscale also indicated the potential for future integration of staking capabilities once regulatory clarity on tax and compliance is achieved .

Chainlink, a blockchain network that supplies external data to smart contracts, holds a market value exceeding $15 billion and ranks among the top twenty cryptocurrencies . The launch of a strategic reserve by Chainlink on August 7, 2025, supports long-term network growth by aggregating LINK from both on-chain and off-chain revenue streams . Sergey Nazarov, Chainlink co-founder, emphasized the reserve’s role in connecting off-chain revenue with the Chainlink standard’s growth and sustainability .

Grayscale’s filing coincides with a surge in crypto ETF activity in the U.S., particularly for Ethereum, which has seen record-breaking inflows . This move could further normalize altcoin investments and potentially expand the appeal of crypto ETFs by incorporating yield-generating features through staking .

Meanwhile, Solana (SOL) is experiencing a significant rise in total value locked (TVL), reaching an all-time high above $12 billion . This surge follows a 57% increase from multimonth lows of $7.8 billion recorded on June 23. Major decentralized applications on the Solana network, such as Raydium and Jupiter DEX, have contributed to the TVL growth, with Raydium alone seeing a 32% rise in a month . The TVL increase has been mirrored by the rising market capitalization of Solana-based memecoins, which have surged by 70% in less than three months .

On the technical analysis front, Solana has formed a bullish V-shaped recovery pattern since January, suggesting a potential rise to all-time highs . The RSI has climbed from 42 in mid-June to 62, signaling growing bullish momentum . Analysts anticipate a potential price target of $290–$300 for Solana, with some projecting a peak of $350 .

Solana’s price currently hovers near a supply-demand zone between $200 and $240. A breakout could propel the price toward the neckline at $252 and potentially reach the all-time high above $295 . Market commentators remain optimistic, with some predicting that the price could rise to $270 if the $220 resistance is broken . Technical indicators and increasing market sentiment suggest that Solana could see substantial gains in the coming months, especially if spot Solana ETFs are approved and institutional adoption of SOL treasuries continues .