Grayscale Chainlink Trust ETF

What they do

{ "headline": "Grayscale Chainlink Trust ETF (GLNK) is a passive Delaware statutory trust that holds Chainlink (LINK) tokens and trades on NYSE Arca, giving investors securities-based exposure to the price of LINK.", "what_they_do": "The Trust holds LINK tokens existing on the Ethereum Network and issues Shares only in blocks of 10,000 (a \"Basket\") to Authorized Participants in exchange for LINK deposits. It is a passive vehicle with no officers, directors or employees; Grayscale Investments Sponsors, LLC is the sole Sponsor, CSC Delaware Trust Company is trustee, Coinbase, Inc. is prime broker and Coinbase Custody Trust Company, LLC is custodian. The Trust does not use leverage, derivatives or similar arrangements and does not seek returns beyond tracking the price of LINK.", "revenue_drivers": [ {"name": "LINK price exposure on Trust assets", "detail": "The Trust's assets and results are driven by the fair value of the LINK it holds; as of December 31, 2025 Total assets were $72.2M (2026-06-30) and each Share represented approximately 0.8878 LINK, with the change in unrealized appreciation or depreciation booked as the primary income statement item."}, {"name": "Share creations and redemptions", "detail": "Shares are issued continuously in 10,000-Share Baskets in exchange for LINK and redeemed from Authorized Participants under the redemption program authorized December 1, 2025; these transactions move LINK in and out of the Trust but are not a fee-based revenue stream."}, {"name": "Sponsor's Fee paid in LINK", "detail": "The Sponsor's Fee is paid in LINK and is built into the value of the Shares, reducing the LINK per Share over time; realized gains and losses are recognized when the Trust settles the Sponsor's Fee in LINK."}, {"name": "Passive tracking versus direct ownership", "detail": "The Trust positions the Shares as a relatively cost-efficient, market-traded and transparent alternative to directly purchasing, storing and safekeeping LINK, and states it will not employ leverage or derivatives."} ], "recent_performance": "Annual net income was $2.8M in 2023, $4.2M in 2024, and negative $19.4M in 2025. Operating cash flow for 2025 was negative $28.7M. At June 30, 2026, Total assets were $72.2M and Total liabilities were $0.00. Cash & equivalents were $0.00 at December 31, 2025. The Trust began trading on NYSE Arca under ticker GLNK on December 2, 2025, following effectiveness of its Form S-1 registration statement." }, "strategy": "The Trust's stated objective is for the value of the Shares (based on LINK per Share) to reflect the value of the LINK held by the Trust, determined by reference to the Index Price, less expenses and other liabilities. On December 1, 2025 it renamed from Grayscale Chainlink Trust (LINK) to Grayscale Chainlink Trust ETF and the Sponsor authorized the commencement of a redemption program. Shares began trading on NYSE Arca on December 2, 2025, and the Trust issues Shares on a continuous basis under its registration statement. The Trust holds LINK only on the Ethereum Network, uses Coinbase Custody Trust Company, LLC for cold storage of private key shards, and does not utilize leverage, derivatives or similar arrangements.", "risks": [ {"title": "LINK price volatility", "detail": "The Trust's results are tied directly to the price of LINK, and annual net income swung from positive $4.2M in 2024 to negative $19.4M in 2025, with 2025 operating cash flow of negative $28.7M."}, {"title": "Securities law determination", "detail": "The Sponsor states it would not permit the Trust to continue holding LINK in a way that violates federal securities laws if LINK were determined to be a security, and would either dissolve the Trust or seek to operate it in a manner compliant with the Investment Company Act of 1940."}, {"title": "Voluntary dissolution by the Sponsor", "detail": "The Sponsor may, in its sole discretion, dissolve the Trust for a number of reasons, including if it determines that it is desirable or advisable for any reason to discontinue the Trust's affairs."}, {"title": "Custody and concentration", "detail": "The Trust relies on Coinbase Custody Trust Company, LLC for cold storage of the private key shards securing its LINK, and holds only LINK existing on the Ethereum Network; as of December 31, 2025 it held approximately 0.9% of LINK in circulation."} ], "outlook": "Management does not provide financial forecasts for the Trust; the 10-K and 10-Q describe the Trust as a passive entity that tracks the Index Price less expenses and liabilities. The Trust states its objective is for the value of the Shares (based on LINK per Share) to reflect the value of the LINK it holds, with no effort to generate returns beyond tracking the price of LINK. Since December 2, 2025 it has listed on NYSE Arca under the ticker GLNK and issues Shares continuously under its Form S-1 registration statement, with an ongoing redemption program.", "key_facts": [ {"label": "Ticker / listing", "value": "GLNK on NYSE Arca, began trading 2025-12-02"}, {"label": "Legal form / formed", "value": "Delaware Statutory Trust, formed 2020-12-18"}, {"label": "Latest total assets", "value": "$72.2M at 2026-06-30; liabilities $0.00"}, {"label": "LINK per Share", "value": "Approximately 0.8878 LINK as of 2025-12-31; Trust held about 0.9% of LINK in circulation"} ] }