Overview
- TickerGLNK on NYSE1
- IndustryCommodity Contracts Brokers & Dealers1
- HeadquartersStamford, Connecticut1
- Incorporated inDE2
- Business address290 Harbor Drive, 4Th Floor, Stamford, Ct 069022
- Filer category, Emerging growth company2
- Legal formBusiness Trust
- Kind of organizationInvestment fund1
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Grayscale Chainlink Trust ETF (formerly known as Grayscale Chainlink Trust (LINK)) (the “Trust”) is a Delaware Statutory Trust that was formed on December 18, 2020, by the filing of the Certificate of Trust with the Delaware Secretary of State in accordance with the provisions of the Delaware Statutory Trust Act.3 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Financial statements
Every line of the income statement as filed: the last 3 fiscal years (annual) or 8 quarters (quarterly), latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Investment income | $0 | $0 | $0 |
| Sponsor's Fee, related party | $509.0K | $293.0K | $62.0K |
| Gross expenses | $509.0K | $293.0K | $62.0K |
| Sponsor's Fee Waiver, related party | -$20.0K | $0 | $0 |
| Net expenses | $489.0K | $293.0K | $62.0K |
| Net investment loss | -$489.0K | -$293.0K | -$62.0K |
| Net realized loss on investment in LINK sold to pay expenses | -$48.0K | -$111.0K | -$148.0K |
| Net realized gain (loss) on investment in LINK sold for redemption of Shares | $0 | $0 | $0 |
| Net change in unrealized appreciation/depreciation on investment in LINK | -$18.9M | $4.6M | $3.0M |
| Net realized and unrealized (loss) gain on investment | -$18.9M | $4.5M | $2.9M |
| Net (decrease) increase in net assets resulting from operations | -$19.4M | $4.2M | $2.8M |
| Period ending | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 |
|---|---|---|---|---|---|---|---|---|
| Sponsor's Fee, related party | $112.0K | $160.0K | $104.0K | $133.0K | $113.0K | $69.0K | $72.0K | $39.0K |
| Gross expenses | $112.0K | $160.0K | $104.0K | $133.0K | ||||
| Sponsor's Fee Waiver, related party | -$20.0K | $0 | $0 | $0 | ||||
| Net expenses | $92.0K | $160.0K | $104.0K | $133.0K | ||||
| Net investment loss | -$92.0K | -$160.0K | -$104.0K | -$133.0K | -$113.0K | -$69.0K | -$72.0K | -$39.0K |
| Net realized loss on investment in LINK sold to pay expenses | -$15.0K | $10.0K | -$38.0K | -$5.0K | -$15.0K | -$49.0K | -$28.0K | -$19.0K |
| Net change in unrealized appreciation/depreciation on investment in LINK | -$20.8M | $9.4M | $183.0K | -$7.6M | $8.4M | -$1.6M | -$3.2M | $1.1M |
| Net realized and unrealized (loss) gain on investment | -$20.9M | $9.4M | $145.0K | -$7.7M | $8.4M | -$1.7M | -$3.3M | $1.1M |
| Net (decrease) increase in net assets resulting from operations | -$20.9M | $9.3M | $41.0K | -$7.8M | $8.2M | -$1.8M | -$3.3M | $1.1M |
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Investment in LINK, at fair value (cost $91,848 and $21,580 as of December 31, 2025 and 2024, respectively) | $73.8M | $22.4M | $4.5M | $1.7M |
| Total assets | $73.8M | $22.4M | ||
| Total liabilities | $0 | $0 | ||
| Net assets | $73.8M | $22.4M | $4.5M | $1.7M |
| Shares issued and outstanding, no par value (unlimited Shares authorized) | 6.8M shares | 1.2M shares | ||
| Principal Market NAV per Share | $10.87 | $18.13 | $14.07 | $5.33 |
| Cost | $91.8M | $21.6M | ||
| Stock, par value | $0.00 | $0.00 |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Investment in LINK, at fair value (cost $91,848 and $21,580 as of December 31, 2025 and 2024, respectively) | $73.8M | $22.4M | $4.5M | $1.7M |
| Total assets | $73.8M | $22.4M | ||
| Total liabilities | $0 | $0 | ||
| Net assets | $73.8M | $22.4M | $4.5M | $1.7M |
| Shares issued and outstanding, no par value (unlimited Shares authorized) | 6.8M shares | 1.2M shares | ||
| Principal Market NAV per Share | $10.87 | $18.13 | $14.07 | $5.33 |
| Cost | $91.8M | $21.6M | ||
| Stock, par value | $0.00 | $0.00 |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net (decrease) increase in net assets resulting from operations | -$19.4M | $4.2M | $2.8M |
| Purchases of LINK | -$28.7M | ||
| Proceeds from LINK sold to pay redemptions | $0 | ||
| Proceeds from LINK sold to pay expenses | $489.0K | ||
| Net realized loss | $48.0K | ||
| Net change in unrealized appreciation/depreciation on investment in LINK | $18.9M | -$4.6M | -$3.0M |
| Sponsor's Fee payable | $0 | ||
| Net cash used in operating activities | -$28.7M | ||
| Proceeds from issuance of capital shares | $28.7M | ||
| Payments for capital shares redeemed | $0 | ||
| Net cash provided by financing activities | $28.7M | ||
| Net increase in cash | $0 | ||
| In-kind contributions of LINK for Shares issued | $39.2M | ||
| Transfer of LINK to pay for Sponsor's Fee | $489.0K |
No quarter-by-quarter statement was filed.
Leadership
Named in SEC Form D filings
People the company listed in its private-offering notices.
Former names
- Grayscale Chainlink Trust (LINK)Mar 18, 2021 to Nov 12, 20252
Timeline
Filings
147 filings to the SEC since October 2021: 1 annual reports, 2 quarterly reports, 4 major events, 4 private raises, 136 other. The latest 20:
- Oct 5, 2026424B3 EDGAR
- Oct 5, 20268-K EDGAR
- Aug 7, 202610-Q EDGAR
- Aug 6, 2026144 EDGAR
- Jul 2, 20268-K EDGAR
- May 8, 202610-Q EDGAR
- May 6, 2026144 EDGAR
- May 5, 2026144 EDGAR
- May 4, 2026144 EDGAR
- May 4, 2026144 EDGAR
- May 1, 2026144 EDGAR
- Apr 30, 2026144 EDGAR
- Apr 29, 2026144 EDGAR
- Apr 28, 2026144 EDGAR
- Apr 27, 2026144 EDGAR
- Apr 16, 2026EFFECT EDGAR
- Apr 16, 2026424B3 EDGAR
- Apr 6, 2026POS AM EDGAR
- Mar 27, 2026424I EDGAR
- Mar 12, 2026424B3 EDGAR
The 147 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Funding
Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.
- Private raises (Form D) $22.3M
Figures by year
| Year | Private raises (Form D) | Total |
|---|---|---|
| 2021 | $22.3M | $22.3M |
Private raises
Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 27. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How Grayscale Chainlink Trust ETF is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARGrayscale Chainlink Trust ETF1
- CIK0001852025
- Employer ID (EIN)86-63685843
- Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company3
- Incorporated inDelaware3
- Fiscal year endsDecember 311
- Industry code (SIC)6221 Commodity Contracts Brokers & Dealers1
- SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance1
- Business address290 Harbor Drive, 4Th Floor, Stamford, CT 069021
- Phone212-668-14271
- Shares outstanding11,772,010 as of Aug 3, 20266
- Public float$0 as of Jun 30, 20254
- AuditorKPMG LLP, New York, New York PCAOB ID 185; no auditor attestation of internal control over financial reporting3
- On EDGAR sinceMar 18, 20211
- Filings148 in all: 144 (122), 424B3 (5), 8-K (4), D/A (4), 10-Q (2), 10-K (1), 144/A (1), 424I (1)1
All 16 form types
8-A12B (1), CERT (1), D (1), EFFECT (1), POS AM (1), POS EX (1), S-1 (1), S-1/A (1)
- Latest filingsAnnual report (10-K) Mar 12, 2026
Quarterly report (10-Q) Aug 7, 2026
Latest 8-K (8-K) Oct 5, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Grayscale Chainlink Trust ETF Shares | GLNK | NYSE Arca, Inc. |
From the cover page of the 10-K filed Mar 12, 2026 (Section 12(b) of the Exchange Act).3
Risk factors and legal proceedings
The risks Grayscale Chainlink Trust ETF names in Item 1A of its 10-K filed Mar 12, 2026: 80 risks under these headings, as written.3
- The risk factors below should be read in conjunction with the other information included in this Annual Report on Form 10-K, including the Trust’s financial statements and related notes thereto, and our other filings with the SEC.
- The trading prices of many digital assets, including LINK, have experienced extreme volatility and may continue to do so. Extreme volatility in the future, including declines in the trading prices of LINK, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of their value.
- Digital assets such as LINK were only introduced within the past two decades, and the medium-to-long term value of the Shares is subject to a number of factors relating to the capabilities and development of blockchain technologies and to the fundamental investment characteristics of digital assets.
- Digital assets represent a relatively new and rapidly evolving industry, and the value of the Shares depends on the acceptance of LINK.
- The Chainlink Network only launched in 2019 and decentralized data retrieval, sometimes referred to as “oracles”, is a new technology that could fail to attract users, which could have an adverse impact on the value of LINK and an investment in the Shares.
- ERC-677 tokens rely on the ERC-677 standard and the Ethereum Network to function, any adverse impact on the ERC-677 and/or the Ethereum Network could have an adverse impact on the value of LINK and an investment in the Shares.
- Smart contracts are a new technology and ongoing development may magnify initial problems, cause volatility on the networks that use smart contracts and reduce interest in them, which could have an adverse impact on the value of LINK.
- Changes in the governance of a digital asset network or protocol may not receive sufficient support from users and validators, which may negatively affect that digital asset network’s or protocol’s ability to grow and respond to challenges.
- Digital asset networks face significant scaling challenges and efforts to increase the volume and speed of transactions may not be successful.
- Digital asset networks are developed by a diverse set of contributors and the perception that certain high-profile contributors will no longer contribute to the network could have an adverse effect on the market price of the related digital asset.
- Digital assets may have concentrated ownership and large sales or distributions by holders of such digital assets, or any ability to participate in or otherwise influence a digital asset’s underlying network, could have an adverse effect on the market price of such digital asset.
- If the digital asset reward or transaction fees for recording transactions on the blockchain networks that the Chainlink Network is available on are not sufficiently high to incentivize validators, or if certain jurisdictions limit or otherwise regulate validating activities, validators may cease expanding validating power or demand high transaction fees, which could negatively impact the value of LINK and the value of the Shares.
The other 68 risks
- Oracle control may be concentrated in a way where some or all data feeds present misleading information to the blockchain, which could negatively impact the value of LINK and the value of the Shares.
- If a malicious actor or botnet obtains control of more than 33% of the validating power on one of the blockchain networks that the Chainlink Network is available on, or otherwise obtains control over such blockchain network through its influence over core developers or otherwise, such actor or botnet could manipulate the blockchain network to adversely affect the value of LINK and the value of the Shares or the ability of the Trust to operate.
- A temporary or permanent “fork” or a “clone” could adversely affect the value of the Shares.
- In the event of a hard fork of the Ethereum Network, the Sponsor will, if permitted by the terms of the Trust Agreement, use its discretion to determine which network should be considered the appropriate network for the Trust’s purposes, and in doing so may adversely affect the value of the Shares.
- In the event of a hard fork of the Ethereum Network, the Custodian’s operations may be interrupted or subject to additional security risks that could disrupt the Trust’s ability to process creations and redemptions of Shares or otherwise threaten the security of the Trust’s LINK holdings.
- Any name change and any associated rebranding initiative by the core developers of LINK may not be favorably received by the digital asset community, which could negatively impact the value of LINK and the value of the Shares.
- If the Chainlink Network is used to facilitate illicit activities, businesses use the Chainlink Network’s oracle services could be at increased risk of criminal or civil lawsuits, or of having services cut off, which could negatively affect the price of LINK and the value of the Shares.
- Node operators may suffer losses due to Staking, or Staking may prove unattractive to node operators, which could adversely affect the Chainlink Network.
- Validators on the blockchain networks that the Chainlink Network is available on may suffer losses due to staking, or staking may prove unattractive to validators, which could adversely affect such blockchain network and therefore the Chainlink Network.
- Liquid staking applications pose centralization concerns, and a single liquid staking application has reportedly controlled around or in excess of 33% of the total staked Ether on the Ethereum Network.
- Proof-of-stake blockchains are a relatively recent innovation, and have not been subject to as widespread use or adoption over as long of a period of time as traditional proof-of-work blockchains.
- Recent developments in the digital asset economy have led to extreme volatility and disruption in digital asset markets, a loss of confidence in participants of the digital asset ecosystem, significant negative publicity surrounding digital assets broadly and market-wide declines in liquidity.
- The value of the Shares relates directly to the value of LINK, the value of which may be highly volatile and subject to fluctuations due to a number of factors.
- Due to the largely unregulated nature and lack of transparency surrounding the operations of Digital Asset Trading Platforms, they may experience fraud, market manipulation, business failures, security failures or operational problems, which may adversely affect the value of LINK and, consequently, the value of the Shares.
- Digital Asset Trading Platforms may be exposed to front-running.
- Digital Asset Trading Platforms may be exposed to wash-trading.
- Possible illiquid markets may exacerbate losses or increase the variability between the Trust’s NAV and its market price.
- The Index has a limited history and a failure of the Index Price could adversely affect the value of the Shares.
- A decline in the adoption of LINK or the Chainlink Network could negatively impact the Trust.
- The Index Price used to calculate the value of the Trust’s LINK may be volatile, and purchasing and selling activity in the Digital Asset Markets associated with Basket creations and redemptions may affect the Index Price and Share trading prices, adversely affecting the value of the Shares.
- Competition from the emergence or growth of other digital assets could have a negative impact on the price of LINK and adversely affect the value of the Shares.
- Congestion or delay on the Chainlink Network may delay purchases or sales of LINK by the Trust.
- The SEC has approved generic listing standards for commodity-based trust shares and may approve other applications under Rule 19b-4 of the Exchange Act to list competing digital assets as exchange-traded products, which could reduce demand for, and the price of, LINK and adversely impact the value of the Shares.
- Prices of LINK may be affected due to stablecoins (including Tether and USDC), the activities of stablecoin issuers and their regulatory treatment.
- The price of LINK may become closely correlated with other asset classes.
- The Trust relies on third-party service providers to perform certain functions essential to the affairs of the Trust and the replacement of such service providers could pose challenges to the safekeeping of the Trust’s LINK and to the operations of the Trust.
- The liquidity of the Shares may be affected if Authorized Participants cease to perform their obligations under the Participant Agreements or the Liquidity Engager is unable to engage Liquidity Providers.
- The Shares may trade at a price that is at, above or below the Trust’s NAV per Share as a result of the non-concurrent trading hours between NYSE Arca and the Digital Asset Trading Platform Market.
- Any suspension or other unavailability of the Trust’s redemption program may cause the Shares to trade at a discount to the NAV per Share.
- Shareholders may suffer a loss on their investment if the Shares trade above or below the Trust’s NAV per Share.
- The amount of the Trust’s assets represented by each Share will decline over time as the Trust pays the Sponsor’s Fee and Additional Trust Expenses, and as a result, the value of the Shares may decrease over time.
- The value of the Shares may be influenced by a variety of factors unrelated to the value of LINK.
- Shareholders do not have the protections associated with ownership of shares in an investment company registered under the Investment Company Act or the protections afforded by the CEA.
- There is no guarantee that an active trading market for the Shares will continue to develop.
- As the Sponsor and its management have limited history of operating investment vehicles like the Trust, their experience may be inadequate or unsuitable to manage the Trust.
- Security threats to the Trust’s Vault Balance or Settlement Balance could result in the halting of Trust operations, including the creation and redemption of Baskets, and a loss of Trust assets or damage to the reputation of the Trust, each of which could result in a reduction in the value of the Shares.
- LINK transactions are irreversible and stolen or incorrectly transferred LINK may be irretrievable. As a result, any incorrectly executed LINK transactions could adversely affect the value of the Shares.
- The lack of full insurance and shareholders’ limited rights of legal recourse against the Trust, Trustee, Sponsor, Transfer Agent and Custodial Entities expose the Trust and its shareholders to the risk of loss of the Trust’s LINK for which no person or entity is liable.
- The Trust may be required, or the Sponsor may deem it appropriate, to terminate and liquidate at a time that is disadvantageous to shareholders.
- The Trust Agreement includes provisions that limit shareholders’ voting rights and restrict shareholders’ right to bring a derivative action.
- The Sponsor is solely responsible for determining the value of the NAV and NAV per Share and any errors, discontinuance or changes in such valuation calculations may have an adverse effect on the value of the Shares.
- Extraordinary expenses resulting from unanticipated events may become payable by the Trust, adversely affecting the value of the Shares.
- The Trust’s delivery or sale of LINK to pay expenses or other operations of the Trust could result in shareholders’ incurring tax liability without an associated distribution from the Trust.
- The value of the Shares will be adversely affected if the Trust is required to indemnify the Sponsor, the Trustee, the Transfer Agent or the Custodian under the Trust Documents.
- Intellectual property rights claims may adversely affect the Trust and the value of the Shares.
- Pandemics, epidemics and other natural and man-made disasters could negatively impact the value of the Trust’s holdings and/or significantly disrupt its affairs.
- The limited ability to facilitate in-kind creations and redemptions of Shares could have adverse consequences for the Trust.
- Shareholders will not receive the benefits of any forks or airdrops.
- Coinbase Global serves as the LINK custodian and prime execution agent for several competing exchange-tradedLINK products, which could adversely affect the Trust’s operations and ultimately the value of the Shares
- Certain of the Authorized Participants engaged by the Trust may serve in a similar capacity for competing exchange-traded LINK products, which could adversely affect the arbitrage mechanism, the Trust’s operations, the performance of the Trust and ultimately the value of the Shares.
- Shareholders that are not Authorized Participants may only purchase or sell their Shares in secondary trading markets, and the conditions associated with trading in secondary markets may adversely affect investors’ investment in the Shares.
- The Sponsor may implement restatements, amendments or supplements to the Trust Agreement that may not necessarily align with shareholder interests.
- The Sponsor may implement restatements, amendments or supplements to the Trust Agreement that may increase risk to the Trust's intended tax treatment.
- A determination that LINK or any other digital asset is a “security” may adversely affect the value of LINK and the value of the Shares, and result in potentially extraordinary, nonrecurring expenses to, or termination of, the Trust.
- Regulatory changes or actions by the U.S. Congress or any U.S. federal or state agencies may affect the value of the Shares or restrict the use of LINK or the operation of the Chainlink Network or the Digital Asset Markets in a manner that adversely affects the value of the Shares.
- Competing industries may have more influence with policymakers than the digital asset industry, which could lead to the adoption of laws and regulations that are harmful to the digital asset industry.
- Regulatory changes or other events in foreign jurisdictions may affect the value of the Shares or restrict the use of one or more digital assets, validating activity or the operation of their networks or the Digital Asset Trading Platform Market in a manner that adversely affects the value of the Shares.
- If regulators subject an Authorized Participant, the Trust or the Sponsor to regulation as a money service business or money transmitter, this could result in extraordinary expenses to the Authorized Participant, the Trust or the Sponsor and also result in decreased liquidity for the Shares.
- Statutory or regulatory changes or interpretations could obligate the Trust or the Sponsor to register and comply with new regulations, resulting in potentially extraordinary, nonrecurring expenses to the Trust.
- The treatment of the Trust for U.S. federal income tax purposes is uncertain.
- The treatment of digital assets for U.S. federal income tax purposes is uncertain.
- Future developments regarding the treatment of digital assets for U.S. federal income tax purposes could adversely affect the value of the Shares.
- Future developments in the treatment of digital assets for tax purposes other than U.S. federal income tax purposes could adversely affect the value of the Shares.
- The tax treatment of LINK and transactions involving LINK for state and local tax purposes is not settled.
- A U.S. tax-exempt shareholder may recognize “unrelated business taxable income” as a consequence of an investment in Shares.
- Shareholders may be subject to withholding tax on income derived from forks, airdrops and similar occurrences and, if the Staking Condition is satisfied, Staking Consideration received as staking rewards.
- Potential conflicts of interest may arise among the Sponsor or its affiliates and the Trust. The Sponsor and its affiliates have no fiduciary duties to the Trust and its shareholders other than as provided in the Trust Agreement, which may permit them to favor their own interests to the detriment of the Trust and its shareholders.
- DCG is a minority interest holder in Kraken, which operates one of the Digital Asset Trading Platforms included in the Index Price.
Legal proceedings
Grayscale Operating, LLC, the former Co-Sponsor of the Trust until May 3, 2025, was a party to certain legal proceedings during the period covered by this report. Although the Trust is not a party to these proceedings, the Trust may in the future be subject to legal proceedings or disputes.
On May 19, 2025, Genesis Global Capital, LLC (“Genesis Capital”) and Genesis Asia Pacific Pte. Ltd. (“Genesis Asia”) filed a complaint in the United States Bankruptcy Court for the Southern District of New York (“SDNY Bankruptcy Court”) against Digital Currency Group, Inc. (“DCG”) and certain of its affiliates including GSO alleging that Genesis Capital made certain preferential transfers to GSI, the predecessor in interest to GSO prior to the Merger, during the preference period prior to Genesis Capital’s filing of a bankruptcy petition in SDNY Bankruptcy Court while GSI was allegedly an insider to Genesis Capital pursuant to 11 U.S.C. § 101(31). Genesis Capital seeks to avoid the alleged preferential transfers pursuant to 11 U.S.C. § 547(b), as well as recovery of property and disallowance of claims. Genesis Capital is seeking to avoid transfers to GSI, the predecessor in interest to GSO prior to the Merger, of 105 Bitcoin and 37,647.06 Ethereum Classic tokens. GSO believes this lawsuit is without merit and intends to vigorously defend against it.
As of the date of this Annual Report, the Sponsor does not expect the foregoing proceedings to have a material adverse effect on the Trust’s business, financial condition or results of operations.
The Sponsor and/or the Trust may be subject to additional legal proceedings and disputes in the future.
The opening of Item 3, Legal Proceedings.3
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8SEC EDGAREntered a material agreement
- 9SEC EDGARExecutive or director change
- 10SEC EDGAROther events
- 11SEC EDGAROther events