Grayscale Chainlink Trust ETF (GLNK) is a passive investment vehicle that gives investors exposure to Chainlink's LINK token through a traditional brokerage account. The Trust holds LINK directly in cold storage custody via Coinbase Custody and does not actively trade or manage its holdings — each share simply tracks the price of LINK, less fees. As of December 31, 2025, each share represented approximately 0.8878 LINK. GLNK listed on NYSE Arca in December 2025, having previously operated as a private placement vehicle since 2020. The Trust's target investors are those who want LINK price exposure without the complexity of managing crypto wallets and private keys directly. Grayscale earns a Sponsor's Fee of 0.35% per annum of the Trust's NAV, which accrues daily and is paid in LINK, causing the LINK-per-share ratio to decline slowly over time. Grayscale covers most operating costs — custody, administration, legal, and audit — out of this fee. The Trust issues and redeems shares in blocks of 10,000 through Authorized Participants, either in-kind or via cash, a mechanism that kept the average premium or discount to NAV at just 0.1% in its early weeks of trading. LINK is the native token of the Chainlink Network, a decentralized oracle network that connects blockchain smart contracts to real-world data, and is used by DeFi protocols, blockchain games, and enterprises. LINK's total supply is capped at 1 billion tokens, with approximately 708 million in circulation as of December 31, 2025.