tl;dr
Grayscale is filing with the SEC to convert its Chainlink Trust into a spot ETF (GLNK) that could trade on NYSE Arca. This move would allow institutional investors to access Chainlink’s LINK token through a regulated product. The ETF would resemble recently approved Bitcoin and Ethereum ETFs, with...
Grayscale is making a bold move in the crypto world, filing with the SEC to transform its Chainlink Trust into a spot ETF that could trade on NYSE Arca under the ticker GLNK. This step marks a significant shift in how institutional investors might access Chainlink’s LINK token, which has surged 3% in the past 24 hours as altcoins rally broadly. XRP, SOL, and DOGE have also seen gains, reflecting a growing appetite for crypto assets amid a broader market uptick.
The proposed ETF would mirror the structure of recently approved spot Bitcoin and Ethereum ETFs, allowing share creations and redemptions in cash. However, the filing leaves the door open for in-kind redemptions if regulations evolve, a flexibility that could align with future industry standards. What’s more, the ETF could include a staking feature, potentially using third-party providers to generate rewards. These rewards might be retained by the fund, distributed to shareholders, or sold to cover expenses, depending on regulatory guidance—a move that could introduce an income stream for investors, a rarity in U.S. crypto ETFs.
Grayscale’s filing also highlights the transition of its existing Chainlink Trust, which has managed nearly $29 million since its inception in February 2026 (though that date seems oddly out of sync with the current timeline, a detail worth noting). Coinbase Custody Trust Company would serve as custodian, a trusted name in the crypto custody space. This shift from a trust to an ETF underscores Grayscale’s broader strategy to convert its single-asset crypto trusts into exchange-traded products. Other pending proposals include funds tied to Solana, Dogecoin, and XRP, signaling a potential wave of ETF approvals in the near future.
Despite the SEC’s current lack of action on these applications, firms like Grayscale are moving ahead, betting that these products could become the first of their kind in their respective asset classes. If approved, the GLNK ETF would offer traditional investors a regulated pathway to Chainlink’s price performance, which is critical for decentralized data feeds powering blockchain applications and smart contracts.
For now, the market is reacting with optimism—LINK’s gains are among the strongest in the altcoin space, suggesting investors are watching closely. Whether this ETF becomes a reality hinges on the SEC’s next steps, but Grayscale’s push signals a growing confidence that crypto’s institutional future is no longer a distant dream.