Grayscale Files for Potential First-Ever U.S. Chainlink ETF

Grayscale has submitted an S-1 registration statement with the U.S. Securities and Exchange Commission to convert its existing Chainlink Trust into a spot ETF, potentially trading on NYSE Arca under the ticker GLNK. This filing is one of the key steps required to formalize an ETF application.

The proposed ETF could include a staking feature, allowing the fund to earn rewards through third-party providers while keeping LINK tokens in custodian wallets. Depending on regulatory guidance, staking rewards could either be retained by the fund, distributed to shareholders, or sold to cover operational expenses.

The move would transition the Grayscale Chainlink Trust, established in February 2026 and managing nearly $29 million in assets, into a fully regulated ETF. Coinbase Custody Trust Company would continue to act as the custodian. Share creations and redemptions would primarily be processed in cash, following the structure of recently approved spot bitcoin and ethereum ETFs, though in-kind redemptions may be allowed if regulations evolve.

Chainlink’s LINK token has gained 3% in the past 24 hours, part of a broader altcoin rally that has seen XRP rise 2.6%, Solana 5%, and Dogecoin 7.4%.

Grayscale’s filing aligns with its broader strategy of converting multiple single-asset crypto trusts into ETFs. Pending proposals include SOL, DOGE, and XRP funds. While the SEC, under Chair Paul Atkins, has not yet approved any of these applications, firms are preparing to launch products they believe could become first movers in their respective categories.

If approved, the GLNK ETF would offer traditional investors regulated access to Chainlink’s price performance—a key component powering decentralized data feeds and smart contracts—while staking could introduce a potential income stream not commonly available in U.S. crypto ETFs.

Market response has been optimistic, with LINK posting some of the day’s strongest gains among major cryptocurrencies.