Grayscale Chainlink Trust ETF (NYSE: GLNK)

Grayscale Chainlink Trust ETF is a Delaware Statutory Trust that was formed on December 18 2020 by filing a Certificate of Trust with the Delaware Secretary of State.
The trust holds Chainlink tokens known as LINK which are digital assets created and transmitted on the peer to peer Chainlink Network.
As of December 31 2025 the trust held approximately 0.9 percent of the LINK in circulation.
The trust does not seek to generate returns beyond tracking the price of LINK and does not use leverage derivatives or similar arrangements.
Its shares were uplisted to NYSE Arca on December 2 2025 and trade under the ticker GLNK.
The sponsor of the trust is Grayscale Investments Sponsors LLC which assumed the role after a reorganization in early 2025.
The trustee is CSC Delaware Trust Company the administrator is BNY Mellon Asset Servicing and the custodian is Coinbase Custody Trust Company LLC.
The trust issues shares only in blocks of ten thousand called baskets to authorized participants.

The trust’s primary source of income is the sponsor fee which is paid by the trust to Grayscale Investments Sponsors LLC for services rendered under the trust agreement.
The fee is calculated as a percentage of the trust’s net asset value and accrues daily.
The trust does not engage in any active trading or management of its LINK holdings and does not derive income from staking lending or other yield generating activities.
When the trust needs cash to pay the sponsor fee or other expenses it sells a portion of its LINK holdings on the open market.
The proceeds from such sales are used to meet obligations and any remaining LINK continues to reflect the market price of the token.
Investors in the trust benefit from changes in the value of the underlying LINK less the ongoing sponsor fee.

The trust occupies a niche as a publicly traded product that offers direct exposure to the Chainlink token without the use of derivatives or leverage.
Its main competitors include other exchange traded products that provide LINK exposure through futures options or notes such as CoinShares exchange traded notes TeraExchange swaps and CME ICE listed LINK futures and options.
The trust differentiates itself by holding actual LINK tokens in custody rather than relying on derivative contracts.
The custodian Coinbase Custody Trust Company LLC employs cold storage of private key shards distributed across multiple secure vaults worldwide which reduces single point of failure risk.
The trust’s structure results in minimal credit risk because the LINK are not subject to borrowing arrangements and the custodian is a qualified fiduciary.
Transparency is provided through daily publication of net asset value and holdings on the sponsor’s website.
These characteristics give the trust a competitive edge for investors seeking a simple and secure way to gain LINK exposure.

The trust’s creation and redemption process is conducted through a group of authorized participants that include Jane Street Capital LLC Virtu Americas LLC Macquarie Capital USA Inc and ABN AMRO Clearing USA LLC.
Liquidity providers that facilitate cash orders for the trust are JSCT LLC Virtu Financial Singapore Pte Ltd Flow Traders BV Flowdesk Cumberland DRW LLC and Galaxy Digital Trading Cayman LLC.
Prior to the uplisting of its shares the trust sold interests only to accredited investors under private placement rules.
Since December 2 2025 the shares have been listed on NYSE Arca and are available to any investor that can trade through a brokerage account.
The investor base therefore comprises institutional entities that act as authorized participants or liquidity providers as well as retail and institutional holders who purchase shares on the secondary market.