Grayscale Investments has filed paperwork with the U.S. Securities and Exchange Commission (SEC) to convert its $28.7 million Chainlink Trust into a spot exchange-traded fund (ETF). The filing, submitted on September 5, proposes that the fund trade on NYSE Arca under the ticker GLNK upon approval.
The proposed ETF would use a cash-based creation and redemption model initially, though Grayscale indicated it may eventually support physical redemptions allowing investors to receive actual LINK tokens. The fund may also stake some of its held tokens through third-party providers to generate yield, with custody handled by established partners including Coinbase.
CSC Delaware Trust Company will serve as trustee, while The Bank of New York Mellon will act as both transfer agent and administrator. Continental Stock Transfer & Trust Company will function as co-transfer agent.
This move is part of Grayscale's broader strategy to expand beyond Bitcoin and Ethereum ETFs, with pending applications for multiple altcoins including Solana (SOL), XRP, Avalanche (AVAX), Dogecoin (DOGE), and Litecoin (LTC). Market analysts suggest that standardized frameworks for spot crypto ETF listings could be finalized by October, potentially paving the way for multiple altcoin products.