Grayscale Investments has taken a significant step toward broadening its digital asset ETF lineup by filing an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for a Chainlink (LINK) exchange-traded fund. The fund, designed to track the price of Chainlink’s native token, is proposed to list on NYSE Arca under the ticker GLNK. The filing, dated September 5, 2025, marks Grayscale’s latest effort to bring alternative cryptocurrency exposure to traditional capital markets.
Listing Details and Key Partners
According to the prospectus, the Grayscale Chainlink Trust (LINK) will be renamed Grayscale Chainlink Trust ETF (GLNK) upon effectiveness. The trust’s objective is for its shares to reflect the value of Chainlink (LINK), less expenses and liabilities, by referencing the CoinDesk Chainlink Price Index at 4 p.m. New York time. Shares will be issued and redeemed in baskets of 10,000 shares through authorized participants. Initially, creations and redemptions will be cash-based via a liquidity provider; in-kind transfers of LINK may be added later if NYSE Arca secures additional regulatory approvals.
The trust’s administrator and transfer agent is Bank of New York Mellon, a global custody giant. Coinbase Custody Trust will serve as the custodian for the LINK holdings, while Coinbase, Inc. will act as the ETF’s prime broker. This institutional-grade service provider lineup underscores Grayscale’s commitment to meeting the highest compliance and security standards expected by regulators and investors.
Staking Conditions and Risk Factors
While the trust agreement permits the staking of LINK, the filing states that a “Staking Condition” has not been met, and the trust is currently prohibited from staking. If that condition is later satisfied, the sponsor may stake a portion of holdings through third-party providers, with any proceeds handled under a policy that will be disclosed. The prospectus also notes that NYSE Arca has proposed “Generic Listing Standards” for commodity-based digital asset products. If approved, such products could list without requiring individual 19b-4 filings. Grayscale says it will not seek effectiveness or offer shares until those standards are approved, or the sponsor determines such approval is unnecessary.
Like most crypto ETF filings, the prospectus highlights significant risks, including LINK price volatility, premiums or discounts to net asset value, regulatory changes, and dependencies on service providers and trading platforms. 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.
Market Reaction and LINK Price Action
Following the news, LINK price rose 3.18% on Monday, with a modest 0.8% gain over the past seven days. However, over the trailing 12 months, LINK has surged 126%, reflecting strong long-term fundamentals. The filing underscores Chainlink’s position as the leading decentralized oracle network, and if approved, the ETF could unlock significant institutional demand. Grayscale already operates the Grayscale Chainlink Trust (OTCQX: GLNK) for accredited investors; the ETF would provide a more accessible, regulated vehicle for mainstream investors.
The S-1 filing is the first formal step in a lengthy approval process. Market participants will closely monitor SEC feedback and the timeline for NYSE Arca’s generic listing standards.