Grayscale Investments has submitted an S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) for a Chainlink (LINK) exchange-traded fund (ETF), dated September 5, 2025. The fund seeks to list shares on NYSE Arca under the ticker GLNK, marking Grayscale's expansion beyond Bitcoin and Ethereum ETFs into the decentralized oracle token space.
Grayscale Pursues Chainlink ETF on NYSE Arca
The filing registers the Grayscale Chainlink Trust (LINK), which will be renamed Grayscale Chainlink Trust ETF (GLNK) upon effectiveness. The trust aims to reflect the value of LINK, less expenses and liabilities, by referencing the CoinDesk Chainlink Price Index at 4 p.m. ET daily. Shares will be issued and redeemed in baskets of 10,000 shares through authorized participants, with creations and redemptions initially cash-based via a liquidity provider. In-kind transfers of LINK could be introduced later if NYSE Arca secures additional regulatory approvals.
ETF Structure and Operational Details
The administrator and transfer agent are Bank of New York Mellon, while Coinbase Custody Trust serves as custodian and Coinbase Inc. as the ETF's prime broker. A key highlight is NYSE Arca's proposed Generic Listing Standards, which, if approved, would allow commodity-based digital asset products to list without requiring individual 19b-4 filings. Grayscale stated it will not seek effectiveness or offer shares until these standards are approved, or if the sponsor determines such approval is unnecessary.
The trust is not registered under the Investment Company Act of 1940, and the sponsor believes it does not qualify as a commodity pool under the Commodity Exchange Act. Risk factors outlined include LINK price volatility, premiums or discounts to net asset value, regulatory changes, and dependencies on service providers and trading platforms.
Staking and Market Performance
While the trust agreement permits staking of LINK, the filing notes that a Staking Condition has not been met, currently prohibiting the trust from staking. If the condition is satisfied later, the sponsor may stake a portion of holdings through third-party providers, with proceeds handled under a disclosed policy. In terms of market performance, LINK is up 3.18% on the day and 0.8% over the past week, but has surged 126% over the last 12 months, underscoring strong long-term momentum.
Grayscale's Chainlink ETF filing further diversifies its digital asset product lineup and offers a potential blueprint for other altcoin ETFs. As the SEC gradually opens the door to crypto ETFs, mainstream tokens like LINK may see expanded regulated investment channels.