Grayscale Files to Convert Chainlink Trust into Spot ETF as LINK Price Rises
Grayscale has filed with the SEC to convert its Chainlink Trust into a spot ETF, named Grayscale Chainlink Trust ETF (GLNK), to be listed on NYSE Arca. This move follows NYSE Arca’s July proposal allowing certain crypto products to list without individual SEC approvals.
- The trust will directly hold LINK, with Coinbase Custody as custodian and BNY Mellon as administrator.
- Shares will be issued and redeemed in blocks of 10,000 through cash transactions, with potential for in-kind LINK transfers subject to regulatory approval.
- Staking LINK may also be possible pending clearance.
- Bitwise Asset Management has also filed for a Chainlink-backed product with the SEC.
Following this news, LINK's price rose by 3%, surpassing $23, with trading volumes increasing by over 54% to $815 million. Analysts predict further gains, potentially pushing LINK above $34 if bullish patterns continue. The token is currently ranked among the top 15 cryptocurrencies by market cap, reflecting growing corporate interest, including a recent strategy announcement from Nasdaq-listed Caliber focusing on acquiring LINK.