Grayscale is primed to launch the first US spot exchange-traded fund (ETF) linked to Chainlink this week, as confirmed by Nate Geraci, co-founder of the ETF Institute. This transformative step will convert Grayscale’s existing private LINK trust into a publicly traded fund, offering U.S. investors the opportunity to gain direct exposure to LINK through a regulated investment vehicle.
Bloomberg Intelligence analyst Eric Balchunas estimates that the ETF will make its debut on December 2, based on internal listings data indicating that Grayscale’s product is queued for imminent approval. As the landscape for cryptocurrency investment products becomes increasingly competitive, asset management firm Bitwise is also preparing to introduce a rival LINK ETF.
In a recent update posted on X, Geraci emphasized that this new product represents a significant milestone, as it will be the first time that American investors can achieve spot exposure to Chainlink through a fully listed ETF.
The timing of this launch coincides with a broader trend in the market, as analysts predict a surge in digital-asset-linked ETFs over the upcoming months. Balchunas anticipates that more than 100 new such products could emerge in the U.S. within the next half year, with at least five spot crypto funds expected to debut in the days following Grayscale’s announcement. This influx comes on the heels of recent regulatory shifts in Washington, which have somewhat softened previous resistance to crypto-backed investment products.
Grayscale’s Chainlink ETF is being formed by transforming the firm’s original LINK trust, which has been operational since late 2020, into a more accessible public-market vehicle. Similar to other products that have undergone conversion within the company, this new fund will track the spot price of LINK and will incorporate staking-related returns wherever permissible.
The competitive environment is becoming pronounced, especially with Bitwise’s initiative to create its own LINK ETF. This rivalry sets the stage for a potential rush among issuers vying for both institutional and retail investment flows tied to Chainlink, which has been highlighted by Grayscale as a crucial link connecting blockchain technology with traditional financial systems. Chainlink is recognized for providing essential data, pricing feeds, and settlement triggers, which serve both crypto and conventional market platforms.
Amid the growing focus on new altcoin ETFs, Grayscale’s Chainlink offering emerges at a time when Bitcoin funds have been witnessing challenges. Recently, several altcoin ETFs such as those linked to Solana, XRP, and Dogecoin have been introduced, showing promising market reception. The newly launched Canary Capital XRP ETF (XRPC) debuted with an impressive $58 million in net inflows—the highest opening day for any ETF this year, narrowly surpassing the Bitwise Solana Staking ETF (BSOL), which had $57 million on its first day.
BSOL has quickly established itself as a strong performer in 2025, having accumulated over $660 million in assets within just three weeks without experiencing any outflows thus far. Furthermore, the New York Stock Exchange has approved listings for Grayscale’s XRP and Dogecoin ETFs, with both expected to start trading soon. This moment of rapid development reflects the rising investor interest in altcoin exposure, as demonstrated by Bitwise Asset Management’s foray into the Dogecoin ETF market.
