Chainlink’s native token LINK rose 8% on Tuesday to $13.06 following the launch of a Grayscale exchange-traded fund (ETF) tied to the asset.
The ETF, traded under the symbol GLNK, offers investors regulated access to Chainlink through traditional brokerage accounts. It is the first exchange-traded fund in the United States 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 off-chain data, such as weather updates, price information and election results, into smart contracts, allowing decentralized applications to respond to real-world events.
It also allows separate blockchains to communicate, helping data and value flow between networks that would not otherwise talk to each other. This feature has made it a staple of decentralized finance (DeFi), NFTs, gaming and other on-chain markets, securing tens of billions of dollars in value, Grayscale said in a press release.
The ETF itself is not a direct investment in LINK. Instead, GLNK owns LINK on behalf of shareholders and does not 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 strong sell-off 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 the OTC markets in 2022. The listing on NYSE Arca puts it in a more accessible location for institutional and retail investors.
