Solana News Today: Grayscale Files for First U.S. ETF Tied to Chainlink's LINK Token

Grayscale has submitted an application to the U.S. Securities and Exchange Commission (SEC) to convert its existing Chainlink Trust into a spot exchange-traded fund (ETF), which could trade on NYSE Arca under the ticker GLNK [2]. This filing, submitted via an S-1 registration statement, marks a key step in the formal ETF application process. The proposed ETF aims to provide traditional investors with regulated exposure to the price of Chainlink’s native token, LINK, which is used in blockchain applications and smart contracts. If approved, it would represent the first U.S.-listed ETF specifically tied to Chainlink.

The structure of the ETF would closely mirror that of existing spot bitcoin and Ethereum ETFs, with share creations and redemptions conducted in cash, according to the filing. However, the document also allows for in-kind redemptions if future regulatory guidance supports the practice. The fund would retain the assets from Grayscale’s existing Chainlink Trust, which has been active since February 2026 and currently manages approximately $29 million in assets. Coinbase Custody Trust Company has been named as the custodian for the fund [2].

A notable feature of the GLNK ETF is its potential inclusion of staking capabilities. If permitted by the SEC, the fund could utilize third-party staking providers while holding LINK tokens in custodial wallets. Staking rewards generated could be retained by the fund, distributed to shareholders, or sold to cover operational expenses, depending on regulatory clarity [1]. This staking feature could offer an income-generating component not widely available in other U.S. crypto ETFs, potentially broadening the appeal of the product to income-seeking investors.

The move is part of a broader strategy by Grayscale to convert several of its single-asset crypto trusts into ETF structures. Alongside the Chainlink ETF, the firm has also submitted proposals for ETFs linked to Solana (SOL), Dogecoin (DOGE), and XRP [2]. These applications are being filed ahead of a decision by the SEC under Chair Paul Atkins, who has yet to approve or deny any of the pending proposals. Despite this regulatory uncertainty, firms like Grayscale continue to prepare products they believe could become first-in-class offerings.

Market reactions to the filing have been positive, with the LINK token rising approximately 3% in the 24 hours following the announcement. The rally aligns with broader gains in the altcoin market, including increases of 2.6% for XRP, 5% for SOL, and 7.4% for DOGE [1]. These movements suggest that the crypto market is interpreting the filing as a sign of growing institutional interest in altcoins and their potential for inclusion in regulated investment vehicles.

The GLNK ETF, if approved, would serve as a regulated vehicle for investors to access Chainlink’s performance without directly holding the underlying tokens. Chainlink, a decentralized oracle network, plays a critical role in connecting smart contracts with real-world data and external APIs. The proposed ETF could bridge the gap between traditional investment markets and emerging blockchain infrastructure, offering a new avenue for institutional and retail investors to participate in the sector’s growth.

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 for What Could Be First-Ever U.S. Chainlink ETF (https://finance.yahoo.com/news/grayscale-files-could-first-ever-142738823.html)