Grayscale has filed an S-1 registration with the U.S. Securities and Exchange Commission to convert its existing Chainlink Trust into a spot exchange-traded fund that would trade on NYSE Arca under the ticker GLNK.
The filing, submitted to the SEC on Monday, outlines a structure that would initially process share creations and redemptions in cash — mirroring the approach used by recently approved spot bitcoin and ethereum ETFs — while leaving open the possibility of in-kind redemptions if future rules permit.
Notable in the application is a proposed staking feature. If allowed by regulators, the fund could delegate LINK tokens to third-party staking providers while keeping assets in custodian wallets (Coinbase Custody Trust Company is named as custodian). Staking rewards could be retained by the fund, distributed to shareholders, or sold to cover expenses depending on later guidance.
The filing says the product would convert from Grayscale’s Chainlink Trust, which the filing states has managed roughly $29 million in assets. Grayscale is pursuing similar conversions for other single-asset crypto trusts tied to tokens such as Solana, Dogecoin and XRP.
Market reaction was mutedly positive: Chainlink’s LINK was up about 3% in the 24 hours after the filing amid a broader altcoin lift. But approval is not guaranteed — the SEC, led by chair Paul Atkins, has not yet ruled on these pending applications.
Why this matters: An approved GLNK ETF would give traditional investors regulated exposure to Chainlink’s price performance and, if staking is included, a potential income component not widely available in U.S. crypto ETFs today. Investors should note the twin risks of regulatory uncertainty and crypto market volatility, and that staking mechanics and legal treatment could change before any product launch.
Source: SEC S-1 (Grayscale). Read the original filing for full details.