Grayscale Debuts Zero-Fee Chainlink ETP
Grayscale is expanding its presence in the digital-asset investment space with the introduction of its newest product, the Grayscale Chainlink Trust ETF (GLNK), a zero-fee exchange-traded fund that provides U.S. investors with regulated exposure to Chainlink’s native token, LINK. The launch marks the first Chainlink ETP to trade in the United States, reflecting a growing appetite among asset managers to move beyond traditional Bitcoin and Ethereum offerings and expand into infrastructure-level tokens that underpin blockchain connectivity.
Chainlink has become a core component of the cryptocurrency ecosystem by providing real-world data to smart contracts and facilitating cross-chain communication across decentralised finance (DeFi) platforms. By offering a structured investment vehicle tied to LINK, Grayscale aims to capture demand from investors seeking exposure to blockchain infrastructure without directly handling digital tokens. The firm describes GLNK as a way to participate in Chainlink’s growth in a regulated setting, although it clarifies that the product is not governed by the Investment Company Act of 1940, meaning it lacks certain protections that conventional ETFs and mutual funds provide. GLNK itself does not represent a direct purchase of Chainlink; instead, it holds LINK tokens on behalf of shareholders. LINK is currently priced around $13.
The new listing emerges alongside another strategic move from Grayscale. On November 26, the company submitted an S-3 registration to the U.S. Securities and Exchange Commission, seeking approval to convert its long-running Zcash Trust into a spot ETF. The trust, which manages roughly $150 million in ZEC, would be transformed into a fund that directly holds the privacy-focused cryptocurrency and tracks the CoinDesk Zcash Price Index. Grayscale says the filing qualifies for an expedited SEC review due to the trust’s reporting history and the firm’s prior conversions of its Bitcoin and Ethereum products. Pending regulatory approval of the related 19b-4 rule change, trading is expected to take place on NYSE Arca.
The company is also challenging a long-standing belief within the Bitcoin community. In a December 1 research report, Grayscale argued that Bitcoin may no longer follow the predictable four-year halving cycle that has shaped market expectations for more than a decade. According to the firm, macroeconomic factors—such as anticipated U.S. interest-rate cuts and the advance of federal digital-asset legislation—are beginning to exert more influence over Bitcoin’s price action. The report notes that Bitcoin’s recent decline of 32% from its all-time high of $126,000, with the asset now trading near $91,000, still aligns with typical drawdowns seen in bullish ETF environments.
As sector rotations continue shifting—from rising interest in privacy-centric tokens to cooling momentum in AI-related assets—Grayscale believes these evolving capital flows will play a major role in shaping the next phase of crypto-ETF adoption. Market watchers are expected to follow how products like GLNK perform as investors reassess where to place capital in a rapidly changing digital-asset landscape.
