Grayscale's ETF Move Could Reshape Institutional Crypto Access

Grayscale has taken a significant step toward expanding institutional access to Chainlink by filing with the U.S. Securities and Exchange Commission (SEC) to convert its existing Chainlink Trust into a spot exchange-traded fund (ETF). If approved, the ETF, which would trade on NYSE Arca under the ticker symbol GLNK, would provide regulated exposure to the price of the LINK token. This filing marks one of the first U.S.-listed ETFs specifically focused on Chainlink, a decentralized oracle network that enables smart contracts to interact with real-world data sources [1]. The ETF would allow traditional investors to gain exposure to Chainlink in a manner similar to recently approved spot bitcoin and ethereum ETFs, potentially broadening the appeal of the asset class [2].

The proposed ETF includes a potential staking feature, which would allow the fund to earn rewards through third-party staking providers. These rewards could either be retained by the fund, distributed to shareholders, or sold to cover expenses, depending on future regulatory guidance. This aspect introduces an income component to the ETF structure, a feature not widely available in U.S. crypto ETFs [1]. The custodian for the fund will be Coinbase Custody Trust Company, a firm already experienced in handling digital assets for institutional clients. Grayscale has also indicated the possibility of in-kind redemptions in the future, subject to regulatory changes [1].

Grayscale’s initiative is part of a broader strategy to transition multiple crypto trusts into ETFs. Other pending proposals include funds tied to solana, dogecoin, and XRP. While the SEC has not yet approved or denied any of these applications, the filing activity suggests that firms are preparing products they believe could be among the first in their respective asset classes [1]. The firm previously won a high-profile court case against the SEC in 2023 regarding its efforts to launch a spot bitcoin ETF. This history positions Grayscale as a key player in the regulatory evolution of crypto assets [2].

Parallel to Grayscale’s ETF filing, Chainlink’s CEO, Sergey Nazarov, has been engaging in high-level discussions with regulators, including SEC Chairman Paul Atkins and White House crypto advisor Patrick Witt. These interactions highlight growing institutional interest in Chainlink’s tokenization capabilities. Nazarov emphasized that regulatory focus is shifting from whether blockchain innovations should be integrated into the U.S. financial system to how they can be implemented safely and efficiently. This represents a pivotal shift in the regulatory landscape for blockchain-based assets [3].

Chainlink is also working closely with regulators to ensure that its on-chain asset transfers meet legal standards, including broker-dealer and transfer agent requirements. The goal is to enable fully compliant tokenization of real-world assets such as real estate, equities, and commodities. According to Nazarov, legal compliance is a critical factor in scaling blockchain adoption. If these frameworks are in place by mid-next year, Chainlink could support large-scale tokenization that aligns with institutional and regulatory expectations [3].

The U.S. Department of Commerce has already used Chainlink’s infrastructure to distribute official economic data, including GDP reports, on the blockchain. This demonstrates federal recognition of the network’s reliability and data integrity. As real-world asset tokenization gains traction, Chainlink is positioning itself at the center of a potential shift in the financial markets, where tokenized assets could soon outpace traditional cryptocurrencies in total market capitalization [3].

Source:

[1] Chainlink (LINK) News: Higher on Grayscale ETF Filing (https://www.coindesk.com/markets/2025/09/08/chainlink-jumps-as-grayscale-files-for-first-ever-u-s-chainlink-etf)

[2] Grayscale Files to Create ETF for LINK Digital Assets (https://www.pymnts.com/blockchain/2025/grayscale-files-to-create-etf-for-link-digital-assets/)

[3] Chainlink Tokenization: From Crypto Hype To Federal Approval (https://cryptoweekly.co/news/chainlink-tokenization-federal-approval/)