NEW DELHI — Sept. 8, 2025. Grayscale Investments has filed to convert its Grayscale Chainlink Trust (OTCQX: GLNK) into a spot Chainlink ETF that would list on NYSE Arca under the ticker GLNK, according to a new filing reported today. The proposed fund would hold LINK and, if approved, trade on a national exchange for the first time.
Key points
- What’s proposed: Convert the existing OTC-traded Grayscale Chainlink Trust into a spot ETF on NYSE Arcawith ticker GLNK. Coinbase Custody Trust Company is named as custodian in the filing.
- Mechanism: The filing indicates cash creations/redemptions at launch, with the possibility to enable in-kind (“physical”) creations/redemptions later if regulators allow—language that mirrors other recent Grayscale altcoin S-1s.
- Context: This is part of Grayscale’s broader multi-asset ETF push that already includes AVAX, DOGE, LTC, SOL and XRP conversion efforts.
Why it matters
A U.S.-listed spot LINK ETF would give institutional and retail investors exchange access to Chainlink without handling tokens directly—potentially narrowing the premiums/discounts that have historically appeared in the OTC trust. GLNK currently trades on OTCQX, not a national exchange.
The details (so far)
- Listing venue & ticker: NYSE Arca; ticker GLNK.
- Custodian: Coinbase Custody Trust Company, per the filing report.
- Creations/redemptions: Cash-only at the outset. Grayscale has used similar wording in other altcoin S-1s—for example, its Dogecoin ETF S-1 explicitly says the trust “is currently only able to accept Cash Orders,” while noting NYSE Arca may later seek approval to permit in-kind flows. Expect comparable mechanics for Chainlink unless the SEC/exchange green-lights in-kind at launch.
Part of a larger arc at Grayscale
Grayscale has been methodically attempting to uplist/convert single-asset trusts across multiple networks:
- Avalanche (AVAX): S-1 filed; Nasdaq also submitted a related 19b-4 to list.
- Dogecoin (DOGE): S-1 filed on Aug. 15, 2025 to convert the trust into an ETF on NYSE Arca.
- Litecoin (LTC): NYSE Arca 19b-4 on listing the Grayscale Litecoin Trust as a spot ETF (amended in Feb. 2025).
- Solana (SOL): S-1 filed to convert Grayscale Solana Trust to an ETF.
- XRP: NYSE Arca 19b-4 (Amend. 1) to list Grayscale XRP Trust as a spot ETP.
What’s next
Two approvals are typically required before trading can begin:
- the exchange’s 19b-4 rule change (NYSE Arca for GLNK), and
- the fund’s registration statement (S-1 or S-3).
Timing depends on SEC review cycles and whether the agency is comfortable with market surveillance and redemption mechanics for LINK. (Recent Grayscale altcoin filings have defaulted to cash creations/redemptions while keeping the door open to in-kind pending regulatory comfort.)
3IHLH5N1
