Grayscale Charges Ahead: U.S. Spot Chainlink ETF Launch Imminent
Another crypto heavyweight is loading its cannons. Grayscale Investments, the firm that bulldozed the path for Bitcoin ETFs, is now priming its launch sequence for a spot Chainlink ETF in the United States.
The Oracle Play Goes Mainstream
This isn't just another altcoin fund. Chainlink's LINK token powers the critical infrastructure connecting blockchains to real-world data—price feeds, weather data, payment systems. Grayscale's move signals a vote of confidence in 'oracle' networks as fundamental, investable tech, not speculative gambles. It’s a bet on the plumbing, not just the faucet.
Why This Filing Matters Now
The timing is strategic. The regulatory ice around crypto ETFs has thawed significantly since the landmark Bitcoin ETF approvals. Grayscale, having won its own historic legal battle with the SEC, now operates from a position of strength. Filing for a Chainlink ETF leverages that hard-won momentum and pressures the gates open wider for other 'crypto asset' funds. Watch for a domino effect.
A Calculated Risk on Utility
Grayscale is bypassing the meme-coin frenzy and targeting an asset with a clear, growing use case. Institutional money craves narrative, and 'decentralized data oracle' has a better ring to it than 'number go up.' It’s a pivot from pure monetary speculation to investing in the protocols that might actually underpin the next web. Wall Street loves a utility story—almost as much as it loves a hefty management fee.
The final hurdle? Getting the SEC to nod at an asset it once labeled a security. But if past is precedent, Grayscale has the lawyers, the leverage, and the sheer stubbornness to see this through. The race to tokenize everything just found its next track.
Altcoin ETF market surges with XRP, DOGE, and Solana products
Last week, Balchunas projected a “steady supply” of crypto ETFs over the next six months, potentially exceeding 100, sharing a screenshot showing Grayscale’s expected launch date for its LINK ETF. “There are five spot crypto ETFs launching over the next six days. Beyond that, we expect a steady supply of them, likely over 100 in the next six months,” he noted via X on Nov. 24.
As with a number of its previous ETFs, Grayscale’s Chainlink Trust will turn its already established LINK trust (established at the close of 2020) into an ETF. The product will generate returns by tracking the spot price of LINK, along with staking rewards.
Grayscale’s Chainlink ETF is also worth launching because investors will have a regulated, easy way to connect to LINK, as they do not have to maintain the cryptocurrency themselves or manage personal wallets. Through the transformation of an existing private trust into a publicly traded exchange-traded fund (ETF), Grayscale is offering institutional investors, pension funds, and traditional asset managers a convenient means to gain exposure to Chainlink.
As noted in a recent research paper, Grayscale has deep faith in the Chainlink ecosystem and dubbed it a “critical connective tissue” linking crypto to traditional finance. Changes in SEC leadership this year have sped approvals for crypto ETFs in the U.S., with funds linked to Solana, XRP, and Doge all getting the green light.
Investors flock to new funds as Grayscale and Bitwise expand crypto offerings
The launch of the new Chainlink ETF comes amid a surge of altcoin-focused ETFs. Issuers have introduced Solana, XRP, and Dogecoin products over the past month, with more XRP and Dogecoin-themed funds expected to hit the market next week.
The Canary Capital XRP ETF (XRPC) debuted with net inflows of $58 million—the year’s biggest opening-day total of any ETF—merely exceeding the launch by Bitwise solana Staking ETF (BSOL), which opened with $57 million. BSOL emerged as one of the early success stories through 2025, having accumulated over $660 million worth of assets in three weeks without a single day of outflows.
Grayscale’s XRP and dogecoin ETFs were recently approved by the New York Stock Exchange, starting trading on Monday following the listings of both products.
NYSE Arca, the exchange’s ETF-focused subsidiary, filed certifications on Friday confirming the listing and registration of the Grayscale XRP Trust ETF Shares and the Grayscale Dogecoin Trust ETF Shares under the Securities Exchange Act of 1934.
Meanwhile, Bitwise Asset Management also debuted a new exchange-traded fund tracking Dogecoin, after months of community pressure to have a regulated vehicle associated with the token.
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