LINK is down 39% year-to-date, reflecting broader weakness across the crypto market.
Chainlink’s native token, LINK, rose 8% Tuesday to $13.06 following the debut of a Grayscale exchange-traded fund (ETF) tied to the asset.
The ETF, trading under the ticker GLNK, gives investors regulated access to Chainlink through traditional brokerage accounts. It’s the first exchange-traded fund in the U.S. dedicated to tracking LINK, the token that powers Chainlink’s decentralized oracle network.
Chainlink plays a key role in how blockchain systems interact with the real world. Its network feeds offchain data — like weather updates, price information and election results — into smart contracts, allowing decentralized applications to respond to real-life events.
It also allows separate blockchains to communicate, helping data and value move between networks that otherwise don’t talk to each other. That functionality has made it a staple in decentralized finance (DeFi), NFTs, gaming and other onchain markets, securing tens of billions of dollars in value, Grayscale said in a press release.
The ETF itself isn’t a direct investment in LINK. Instead, GLNK holds LINK on behalf of shareholders and doesn’t fall under the Investment Company Act of 1940, meaning it lacks some of the consumer protections that govern traditional ETFs and mutual funds.
LINK’s gain comes after a steep selloff this year. The token is down 39% since the start of January, echoing losses across the broader crypto market.
Grayscale introduced the fund as a private placement in 2021 and moved it to OTC Markets in 2022. The listing on NYSE Arca brings it into a more accessible venue for both institutional and retail investors.
