Grayscale Chainlink Trust Link
GLNK
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- Grayscale Chainlink Trust (ticker: GLNK) operates as a spot exchange-traded product (ETP) that provides investors with exposure to Chainlink (LINK), the native token of the Chainlink decentralized oracle network, without the need to directly buy, store, or custody the underlying asset; the Trust holds LINK passively and seeks to reflect its value less the Trust's fees and liabilities. Sponsored by Grayscale Investments Sponsors, LLC and custodied by Coinbase Custody Trust Company, LLC, with BNY Mellon as administrator, the Trust offers a regulated investment vehicle accessible through traditional brokerage accounts and listed on NYSE Arca following its conversion from an over-the-counter (OTC) product. Founded on February 26, 2021, with public quotation beginning May 19, 2022, and headquartered in New York alongside its sponsor Grayscale Investments— the world's largest digital asset manager with approximately $35 billion in assets under management as of late 2025—the Trust targets institutional and accredited investors seeking blockchain infrastructure exposure. The Trust's core holding consists solely of LINK tokens, which power Chainlink's suite of blockchain middleware services including decentralized oracle data feeds for real-world price and information delivery to smart contracts; the Cross-Chain Interoperability Protocol (CCIP) for token and message transfers across dozens of blockchains; Proof of Reserve for asset verification; Automated Compliance Engines for regulatory adherence; and the Chainlink Runtime Environment (CRE) for orchestrating enterprise-grade workflows in tokenized finance and DeFi applications. These services position Chainlink as essential infrastructure underpinning over $27 trillion in transaction value enabled, securing major DeFi protocols like Aave, and facilitating tokenized real-world assets (RWAs) now valued at around $35 billion, with integrations involving institutions such as J.P. Morgan, SWIFT, S&P Global, FTSE Russell, Deutsche Börse, UBS, and Ondo Finance. As of mid-December 2025, the Trust manages approximately $70.7 million in assets under management (non-GAAP), with over 5.78 million LINK tokens held and a total expense ratio of 0.00% for the first three months or up to $1 billion in assets (rising to 0.35% thereafter). In a major strategic evolution, the Trust converted from a private placement OTC vehicle to the Grayscale Chainlink Trust ETF (GLNK) on December 2, 2025, marking the first U.S.-listed spot Chainlink ETP on NYSE Arca and enabling creation/redemption by authorized participants initially on a cash basis, with potential future in-kind LINK transfers and staking integration where legally permitted to enhance yield. This uplisting followed SEC filings in September-November 2025, addressing prior liquidity and custody challenges while leveraging regulatory advancements like generic listing standards, and coincided with Grayscale Research reports emphasizing Chainlink's pivotal role in the $35 billion tokenized asset market and RWA growth. The conversion built on the Trust's prior $17-30 million AUM base, transforming it into a liquid, regulated fund amid rising institutional demand for altcoin infrastructure exposure. No significant acquisitions, funding rounds, or name changes beyond the ETF rebranding have been reported in the past 1-2 years.