Grayscale Seeks to Bring First Regulated Chainlink Investment Vehicle to U.S. Markets

Grayscale has submitted a Form S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) to convert its Chainlink Trust into a spot exchange-traded fund (ETF). If approved, the ETF will trade on NYSE Arca under the ticker GLNK and will offer investors regulated exposure to Chainlink’s price performance. The filing marks another step in Grayscale’s broader strategy to transform its crypto trusts into ETFs, with other proposals under consideration for assets such as Solana (SOL), Dogecoin (DOGE), and XRP. The proposed ETF would mirror the structure of recently approved Bitcoin and Ethereum ETFs, with cash-based share creations and redemptions, and could also include staking features for Chainlink tokens if permitted by regulators. Grayscale’s Chainlink Trust currently manages nearly $29 million in assets and has existed since February 2026. Coinbase Custody Trust Company will serve as the custodian for the ETF, while BNY Mellon will act as the administrator and transfer agent. The filing hinges on NYSE Arca’s proposed generic listing standards for commodity-based ETPs, which, if adopted, could streamline the approval process for crypto ETFs. The proposed GLNK ETF aims to provide investors with an accessible and compliant way to invest in Chainlink, a decentralized oracle network that delivers external data to smart contracts. The move is part of a broader shift in the crypto market, where demand for regulated investment vehicles has surged, particularly for altcoins. Chainlink’s LINK token has seen a recent price increase of approximately 3% in the 24 hours preceding the filing, reflecting positive market sentiment. The potential inclusion of staking could differentiate the ETF from existing crypto ETFs in the U.S., which typically lack income-generating features. The SEC, under Chair Paul Atkins, has yet to issue a final decision on any of the pending applications, but the regulatory environment appears to be evolving in favor of greater flexibility for crypto products. If approved, the GLNK ETF could serve as a model for future altcoin ETFs and reinforce the growing acceptance of blockchain assets in traditional finance. Grayscale’s filing comes amid a surge in crypto ETF activity, with Ethereum ETFs experiencing record inflows and Bitcoin ETFs seeing outflows. The company’s efforts highlight the increasing overlap between the crypto and traditional financial markets, as institutional players seek to expand their offerings in response to investor demand.

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[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 convert Chainlink trust into ETF (https://cryptobriefing.com/chainlink-trust-etf-conversion/)

[3] Grayscale Files To Transform Chainlink Product Into Spot ... (https://www.ccn.com/news/crypto/grayscale-files-chainlink-spot-market-fund/)