Chainlink’s native token LINK rose 8% to $13.06 on Tuesday after the debut of a Grayscale exchange-traded fund (ETF) tied to the asset.
The ETF trades under the symbol GLNK, and investors have regulated access to Chainlink through traditional brokerage accounts. It is the first U.S. exchange-traded fund to exclusively track LINK, the token that powers the Chainlink decentralized oracle network.
Chainlink plays a key role in how blockchain systems interact with the real world. Its network feeds off-chain data such as weather updates, price information, and election results into smart contracts, enabling decentralized applications to respond to real-life events.
It also allows separate blockchains to communicate, helping data and value move between networks that would otherwise not communicate with each other. Grayscale said in a press release that this feature has made it a staple product in decentralized finance (DeFi), NFT, gaming and other on-chain markets, creating tens of billions of dollars in value.
The ETF itself is not a direct investment in LINK. Instead, GLNK holds LINK on behalf of shareholders and is not subject to the Investment Company Act of 1940, which means it lacks some of the consumer protections that govern traditional ETFs and mutual funds.
LINK’s gains come after a sharp sell-off this year. The coin has fallen 39% since early January, echoing losses across the cryptocurrency market.
Grayscale launched the fund as a private placement in 2021 and moved it to the over-the-counter market in 2022. Being listed on NYSE Arca makes it a more accessible venue for institutional and retail investors.
