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 shares on NYSE Arca under the ticker symbol GLNK, pending regulatory approvals and clearances.
Fund Structure and Operations
The filing, dated Sept. 5, 2025, registers the Grayscale Chainlink Trust (LINK), which upon effectiveness will be renamed Grayscale Chainlink Trust ETF (GLNK). The trust's objective is to reflect the value of LINK, less expenses and liabilities, by referencing the CoinDesk Chainlink Price Index at 4 p.m. Eastern time.
The trust plans to issue and redeem shares in baskets of 10,000 shares through authorized participants. Creations and redemptions will initially be cash-based via a liquidity provider; in-kind transfers of LINK may be added later if NYSE Arca secures additional approvals. The administrator and transfer agent is Bank of New York Mellon, with Coinbase Custody Trust as custodian and Coinbase, Inc. as the ETF's prime broker.
Listing Conditions and Risk Factors
NYSE Arca has proposed “Generic Listing Standards” which, if approved, could allow commodity-based digital asset products to list without individual 19b-4 orders. Grayscale stated it will not seek effectiveness or offer shares until those 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 is not a commodity pool under the Commodity Exchange Act. 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.
Staking and Market Performance
While the trust agreement permits staking of LINK, the filing notes that 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.
LINK rose 3.18% on Monday (Sept. 8, 2025) and recorded a modest 0.8% gain over the prior seven days. However, over the trailing 12 months, LINK has surged 126%.