Chainlink’s native token (LINK) stalled on Wednesday following a strong start to the week, giving back some gains as news emerged of Grayscale filing to convert its closed-end fund into an exchange-traded fund (ETF).

Arizona-based asset manager Caliber (CWD) announced Tuesday that it completed its first LINK purchase as part of a broader digital asset treasury strategy. The firm did not disclose the amount acquired but plans to accumulate LINK over time using cash reserves, credit lines, and equity-based securities, with intentions to stake tokens to generate yield.

LINK traded down roughly 1% over 24 hours, swinging 7% intraday between $22.84 and $24.46, according to CoinDesk Research’s technical analysis model. Volume spiked to 3.78 million units at 14:00 UTC, surpassing the 24-hour average and reinforcing support near $23. Resistance emerged at $23.49, where selling pressure indicated profit-taking and potential for further downside price discovery.

Caliber’s move makes it the first Nasdaq-listed company to implement a treasury reserve policy focused on LINK, signaling growing institutional interest in the token.