Grayscale Files to Create ETF for LINK Digital Assets

Grayscale has filed with the Securities and Exchange Commission (SEC) to rename its Grayscale Chainlink Trust, which holds LINK digital assets, as Grayscale Chainlink Trust ETF.

The exchange-traded fund would list shares on NYSE Arca if the SEC adopts a proposed rule change submitted by NYSE Arca to permit the listing and trading of shares of certain commodity-based exchange-traded products, according to the filing.

The Trust would hold LINK and provide investors with “a cost-effective and convenient way to gain investment exposure to LINK,” the filing said.

“Prior to this offering, there has been no public market for Shares,” Grayscale said in its filing. “The Trust intends to list the Shares on NYSE Arca, Inc. (‘NYSE Arca’) under the symbol ‘GLNK. The Trust intends to issue Shares on a continuous basis and is registering an indeterminate number of Shares. It is expected that the Shares will be sold to the public at varying prices to be determined by reference to, among other considerations, the price of LINK and the trading price of the Shares on the NYSE Arca at the time of each sale.”

CoinDesk reported Monday (Sept. 8) that Grayscale’s proposed GLNK ETF could be the first-ever U.S. Chainlink ETF and would give traditional investors regulated access to the price performance of LINK.

The report added that Grayscale already has other pending proposals that would transition funds tied to the price of solana, dogecoin and XRP into ETFs.

While the SEC has not decided on any of these pending applications, Grayscale and other firms are preparing products that they aim to be among the first in their asset class, per the report.

Grayscale said in a July press release that it plans to go public and had confidentially submitted a draft registration statement on Form S-1 to the SEC.

The company was founded in 2013 and facilitates investments in the digital economy through investment products.

Grayscale won a court battle with the SEC in 2023 over the company’s efforts to create a spot bitcoin ETF despite the agency’s objections.

Sweden-listed cryptocurrency asset manager CoinShares announced Monday that it is preparing to go public in the U.S.