Overview

• Grayscale submitted a Form S-1 on Sept. 5 to convert its roughly $28.7–$29 million Chainlink Trust into a spot ETF that would trade on NYSE Arca under the ticker GLNK.
• The proposed fund would hold LINK directly, with Coinbase Custody as custodian and BNY Mellon as administrator and transfer agent.
• Creations and redemptions would begin as cash-only in 10,000-share baskets, with in‑kind transfers reserved as a future option pending regulatory clearance.
• The filing preserves the possibility of staking LINK for rewards, which would proceed only after tax and regulatory issues are resolved.
• Grayscale still needs a 19b-4 listing request for SEC review, competition from Bitwise’s Chainlink ETF application remains active, and LINK climbed roughly 3%–6% to around $23 on the news with trading activity rising.