Grayscale Investments has filed a registration statement (S-1) with the U.S. Securities and Exchange Commission (SEC) for a Chainlink (LINK) exchange-traded fund (ETF), seeking to list its Grayscale Chainlink Trust on NYSE Arca under the ticker symbol GLNK. The filing, dated Sept. 5, 2025, marks Grayscale's latest push to convert a single-asset trust into an ETF, following similar moves for Bitcoin and Ethereum.
Trust Structure and Redemption Model
Upon effectiveness, the trust will be renamed Grayscale Chainlink Trust ETF (GLNK). Its objective is to reflect the value of LINK, less expenses and liabilities, by referencing the CoinDesk Chainlink Price Index at 4:00 p.m. New York time. Creations and redemptions will be executed in baskets of 10,000 shares via authorized participants, initially using cash-based settlements through a liquidity provider. In-kind transfers of LINK could be added later if NYSE Arca secures additional regulatory approvals. The Bank of New York Mellon serves as administrator and transfer agent, Coinbase Custody Trust as custodian, and Coinbase Inc. as prime broker.
Generic Listing Standards Pave the Way
Notably, NYSE Arca has proposed "Generic Listing Standards" that, if approved by the SEC, would allow commodity-based digital asset products to list without individual 19b-4 filings. Grayscale stated it will not seek effectiveness or offer shares until those standards are approved, or until the sponsor determines such approval is unnecessary. The trust is not registered under the Investment Company Act of 1940, and the sponsor believes it is not a commodity pool under the Commodity Exchange Act.
Staking Restrictions and Risks
While the trust agreement permits staking of LINK, a "Staking Condition" has not been met, and the trust is currently prohibited from staking. If the condition is later satisfied, the sponsor may stake a portion of holdings through third-party providers, with proceeds handled under a disclosed policy. The prospectus highlights risks including LINK price volatility, premiums or discounts to net asset value, regulatory changes, and dependencies on service providers and trading platforms.
Market Reaction
Following the filing, LINK gained 3.18% on Monday, with a modest 0.8% increase over the past seven days. However, over the trailing 12 months, LINK has surged 126%. The filing reflects growing institutional interest in Chainlink as a key oracle network bridging blockchain data and real-world applications.