Grayscale will launch its first U.S. spot Chainlink ETF, ticker GLNK, which is expected to begin trading on NYSE Arca on December 2, 2025, said Nate Geraci. The product converts Grayscale’s existing Chainlink Trust into a publicly traded ETF and introduces a proposed staking feature that could distribute yield derived from LINK tokens. The debut positions GLNK as a vehicle that pairs spot exposure with potential network-based rewards within a regulated wrapper.
The Chainlink Trust being converted managed roughly $30 million in assets since its 2020 inception, and the new ETF carries an adjusted expense ratio of 2.50%. It shows a year-to-date total return of —66.85%, reflecting the token’s earlier drawdowns, and the fee level positions the fund as a premium, early-access vehicle inside a still-maturing market for token-backed ETFs. This framing underscores how GLNK is designed for investors seeking structured access despite historical volatility and higher costs.
Staking is a mechanism by which token holders lock assets to support a network and receive rewards; in the context of the new fund, staking would allow the ETF to earn and potentially distribute rewards generated by LINK’s network participation. Grayscale’s filing and product design propose that GLNK could capture that native yield, turning passive exposure into an income-bearing instrument for investors who access Chainlink through an ETF wrapper.
Grayscale and market filings indicate the conversion will shift a previously opaque trust model toward the greater transparency and tradability of exchange-listed ETFs. That operational change is meant to broaden institutional and retail access while exposing investors to the full performance profile of the underlying token, including its volatility and yield dynamics. The result is a structure intended to align token-native features with public market standards.
Strategy for Grayscale and regulatory context
The GLNK launch follows a deliberate expansion of Grayscale’s ETF lineup, as the firm recently brought Dogecoin and XRP spot ETFs to market on November 24, 2025 (GDOG and GXRP), and has targeted additional altcoins such as Solana, Cardano and Zcash for similar conversions. The move represents a strategic push to convert multiple legacy trusts into spot ETFs, aiming to normalize altcoin exposure within regulated investment products and extend the firm’s footprint across crypto categories.
Regulatory shifts helped clear the path for staking-inclusive ETFs, with evolving stances from U.S. Treasury and tax authorities creating a framework that allows crypto ETFs to earn and distribute staking rewards under specific conditions. Still, the broader approval process has involved sustained engagement with the U.S. Securities and Exchange Commission, an agency historically cautious about crypto products and one that Grayscale has repeatedly challenged on delays and procedural grounds.
Market participants should weigh the product’s novel features against its risks. Elevated fees, deep historical drawdown in LINK’s price, and the operational complexity of staking within an ETF increase both costs and execution risk. For investors, the central question is whether native yield plus ETF convenience compensates for higher expenses and ongoing price volatility.
