Grayscale has taken a major step toward making Chainlink (LINK) a regulated asset. The asset manager filed a Form S-1 with the U.S. Securities and Exchange Commission (SEC) to propose a spot Chainlink exchange-traded fund (ETF).
If approved, the ETF would become one of the first in the U.S. to track LINK’s price directly. It would trade on NYSE Arca under the ticker GLNK, with Coinbase Custody holding the fund’s assets.
The product would convert Grayscale’s existing Chainlink Trust into an ETF, allowing investors to gain exposure to LINK without purchasing the tokens directly. Like U.S.-based spot Bitcoin and Ethereum ETFs, the fund would enable share creations and redemptions in cash. Grayscale also signaled that in-kind redemptions could be introduced in the future if regulators permit.
Grayscale expands its altcoin ETF push
Grayscale’s recent Chainlink filing is not an anomaly. It is part of a larger effort to expand beyond Bitcoin and Ethereum, which have led the U.S. ETF market up to now.
The large asset manager has filed to launch ETFs linked to Avalanche (AVAX), Dogecoin (DOGE), Litecoin (LTC), Solana (SOL), and XRP in recent months. All of these products are intended to allow conventional investors to access popular altcoins without having to hold the tokens themselves.
Grayscale already demonstrated that this model could work. In early 2024, it converted its flagship Bitcoin Trust (GBTC) and Ethereum Trust (ETHE) into spot ETFs following a protracted fight with the regulators. Those approvals paved the way for altcoins, and Grayscale is now rushing in to build out its roster.
The competition is intensifying. Bitwise also submitted its application for a Chainlink ETF in August of 2025, suggesting that institutional demand for LINK is increasing. By contrast, other asset managers are trying to move quickly to shed a first-mover advantage. VanEck (traded in the U.S.), 21Shares (over in Europe), Franklin Templeton (Ireland), and REX Shares (U.S.) all have open applications for ETFs linked to various tokens, including Cardano (ADA), Polkadot (DOT), Hedera (HBAR), and Solana (SOL).
Industry analysts say this new wave of filings marks a new chapter for the crypto market. Investors have expanded their focus beyond Bitcoin and Ethereum. They seek diversified exposure to the infrastructure underpinning decentralized finance, payments, and blockchain adoption.
Chainlink drives growth in DeFi
Chainlink is a decentralized oracle network. It links blockchains to information outside the digital universe, such as asset prices and external events. This is crucial for smart contracts and decentralized finance (DeFi).
The LINK token compensates node operators and secures the network. Last month, Chainlink also unveiled a LINK strategic reserve to advance long-term growth and stability, funded by on-chain and off-chain income.
With a spot ETF, Grayscale hopes to provide LINK to a wider base of investors, from institutions to retail traders, without the hassles of tech and the expertise in holding and storing tokens.
The filing arrives during a spate of crypto ETF filings at the SEC. The Trump administration has signaled a more favorable position toward digital assets than the preceding Biden era. It might also be a positive catalyst for other products to be approved, outside of Bitcoin and Ethereum.
Don’t just read crypto news. Understand it. Subscribe to our newsletter. It’s free.
Source: https://www.cryptopolitan.com/grayscale-eyes-u-s-spot-chainlink-etf/
