Grayscale Chainlink Trust’s NYSE Arca Listing and Implications for Crypto ETF Growth

The approval of the Grayscale Digital Large Cap Fund (GDLC) as a spot ETF by the U.S. Securities and Exchange Commission (SEC) marks a pivotal moment in the evolution of crypto investing. By transforming its multi-crypto trust into an ETF listed on NYSE Arca, Grayscale has not only secured regulatory validation for its product but also signaled a broader shift toward institutional acceptance of digital assets. According to a report by CoinCentral, the GDLC ETF, which tracks the CoinDesk 5 Index, allocates 80% of its portfolio to Bitcoin, with Ethereum at 11%, XRP at 4.8%, Solana at 2.8%, and Cardano at 1.4% [4]. This structure reflects a strategic balance between market dominance and diversification, catering to both conservative and speculative investors.

The SEC’s approval of the GDLC ETF underscores a critical regulatory trend: the agency’s growing willingness to accommodate crypto products that adhere to traditional financial frameworks. As stated by the Federal Register, NYSE Arca granted accelerated approval for the fund, citing its compliance with exchange listing standards [2]. This decision contrasts sharply with the SEC’s historically cautious stance on crypto ETFs, which has often been criticized for stifling innovation. The GDLC’s success now sets a precedent for other multi-crypto ETFs, potentially accelerating the approval of Grayscale’s pending applications, including the Grayscale Chainlink Trust (GLNK).

However, the Chainlink Trust remains a work in progress. As of September 2025, the fund continues to trade over-the-counter (OTC) under the ticker GLNK, with a persistent discount to its net asset value (NAV) [1]. Each share represents 0.89307380 LINK tokens, yet the lack of a regulated exchange listing has limited its liquidity and appeal to institutional investors. This gap highlights the SEC’s ongoing scrutiny of crypto ETFs, as evidenced by its recent extension of decision deadlines for seven proposals, including the Grayscale XRP Trust, until October 2025 [2]. While the GDLC’s approval demonstrates progress, the Chainlink Trust’s stalled status reveals the regulatory hurdles that still hinder broader market accessibility.

The implications of these developments extend beyond Grayscale. The GDLC ETF’s structure—prioritizing Bitcoin while incorporating smaller-cap cryptocurrencies—offers a blueprint for how traditional financial institutions might approach crypto investing. By leveraging the credibility of NYSE Arca and the SEC’s oversight, Grayscale is effectively bridging the gap between the volatile crypto market and the stability of equity markets. As noted by ETF.com, the conversion of the Digital Large Cap Fund into an ETF expands the range of crypto products available to U.S. investors, potentially attracting a new wave of capital into the sector [3].

For the Grayscale Chainlink Trust, the path to NYSE Arca remains uncertain. While the fund’s OTC discount suggests demand for its shares, regulatory clarity is essential to unlock its full potential. The SEC’s delayed decisions on other Grayscale ETFs, such as the Cardano and Avalanche Trusts, indicate that the agency is carefully evaluating the risks and benefits of crypto exposure [2]. This cautious approach, while frustrating for market participants, may ultimately foster a more robust framework for crypto ETFs, ensuring investor protection without stifling innovation.

In conclusion, the GDLC ETF’s approval represents a watershed moment for crypto investing, demonstrating that regulatory progress and market accessibility can coexist. However, the Grayscale Chainlink Trust’s pending status serves as a reminder that the journey toward mainstream adoption is neither linear nor uniform. As the SEC continues to navigate this complex landscape, investors must balance optimism with patience, recognizing that the growth of crypto ETFs will be shaped as much by regulatory evolution as by technological advancement.

Source:
[1] Grayscale Chainlink Trust [https://www.grayscale.com/funds/grayscale-chainlink-trust]
[2] SEC Delays 7 Crypto ETF Decisions Until October 2025 [https://yellow.com/news/sec-delays-7-crypto-etf-decisions-until-october-2025-deadlines]
[3] SEC Approves Grayscale Digital Fund ETF Conversion [https://www.etf.com/sections/etf-watch/sec-approves-grayscale-digital-fund-etf-conversion]
[4] SEC Approves Grayscale GDLC ETF Featuring Bitcoin, Ethereum, XRP, Solana, and Cardano [https://coincentral.com/sec-approves-grayscale-gdlc-etf-featuring-bitcoin-ethereum-xrp-solana-and-cardano/]