The institutional adoption of cryptocurrency takes a significant leap forward today. Grayscale Investments is launching the first U.S. spot Chainlink (LINK) exchange-traded fund (ETF), with trading set to begin on the New York Stock Exchange under the ticker GLNK. This move converts Grayscale’s existing Chainlink Trust, which manages approximately $29 million in assets, into a more accessible and regulated investment vehicle for the mainstream market.
This launch is far more than just another crypto fund. Grayscale’s own research positions Chainlink as “essential infrastructure” for the booming world of tokenized finance. The network’s oracle services, which securely feed real-world data to blockchain smart contracts, are fundamental to everything from complex DeFi applications to the growing movement of major institutions tokenizing real-world assets like bonds and funds. By offering an ETF, Grayscale is providing a familiar bridge for traditional finance to invest in the foundational plumbing of the next-generation financial system.
Product details and launch timeline for the spot Chainlink ETF
The GLNK vehicle will convert Grayscale’s Chainlink Trust, created in late 2020, which previously held roughly $29–30 million in assets. The conversion model follows Grayscale’s recent roadmap of turning closed trusts into 40‑Act ETFs to improve liquidity and investor access. The fund is structured to reflect the spot price of LINK rather than derivatives or futures, and Grayscale has signaled the inclusion of staking mechanics; staking is the process by which token holders lock tokens to support network operations in exchange for rewards.
Grayscale’s schedule places the anticipated NYSE Arca listing at about December 2, 2025. The firm’s prior product rollouts and conversions include spot Ethereum ETFs with staking that launched on October 6, 2025, and the simultaneous NYSE Arca listings of Dogecoin (GDOG) and XRP (GXRP) ETFs on November 24, 2025. Grayscale also filed to convert its Zcash Trust into a spot Zcash ETF on November 26, 2025 after ZEC experienced a roughly 1.000% price rally.
Market context, competition and regulatory backdrop
The Chainlink ETF launch enters a crowded issuer field. A competing spot Chainlink ETF from Bitwise, ticker CLNK, has appeared on the Depository Trust & Clearing Corporation (DTCC) eligibility list as “active and pre‑launch”, indicating parallel plans to offer institutional access to LINK. Such competition may influence fees, liquidity and initial flows once both products commence trading.
Regulatory developments have been central to these conversions. The SEC’s evolving treatment of digital‑asset listings and the adoption of new, more generic ETF listing standards have accelerated approvals that were previously slower or stalled. These changes have enabled a sequence of spot‑crypto ETF conversions and filings across a broader set of tokens, shifting product development from bespoke trust management toward exchange‑listed fund models.
Impact for investors will hinge on custody, staking economics, fee schedules and liquidity. Converting a trust to an ETF typically increases secondary‑market tradability and transparency around NAV, but it also concentrates scrutiny on custody arrangements and compliance with KYC/AML and exchange listing rules. For product teams and compliance officers, the conversion model requires aligning trust custody, staking validators, and fund governance with 1940 Act ETF rules.
The GLNK conversion marks a further step in the institutionalization of token exposure via regulated ETFs, with the next verifiable milestone the expected NYSE Arca listing around December 2, 2025. Market participants should monitor initial liquidity, fee disclosures and custody/staking arrangements to assess trading costs and operational risk ahead of launch.
