Grayscale’s Chainlink ETF NAV Falls to $72.2M After LINK Drop
Grayscale’s GLNK ETF reported $72.2M in net assets in a Q2 Form 10-Q after LINK fell about 18%, cutting NAV per share to $6.38 at quarter-end.
Grayscale filed a Form 10-Q with the SEC on Aug. 7 reporting $72.2 million in net assets for its Chainlink Trust ETF (GLNK) for the quarter ended June 30. The filing shows the trust held 10,030,901.11 LINK tokens as its only asset and marked the token at $7.25 at the principal-market close on June 30, down from $8.77 at the time of the prior filing in May.
LINK’s price decline of about 18% during the quarter reduced the fund’s net asset value per share to $6.38 and produced an unrealized loss of roughly $16.4 million on the token holding while the token count remained unchanged.
GLNK converted from a private Chainlink trust to an exchange-traded fund and began trading on NYSE Arca on Dec. 2, 2025. The listing followed SEC approval in September 2025 of generic listing standards for qualifying crypto exchange-traded products. Grayscale lowered the sponsor fee at conversion to an annual 0.35% from the 2.5% it charged accredited investors under the prior private-trust structure and waived part of that fee through early March 2026. Sponsor fees charged for the six months ended June 30 totaled about $136,000.
The fund drew about $41 million in inflows on its first trading day and reached roughly $64 million in assets under management within 48 hours. By April, AUM was near $73 million; the Q2 filing shows net assets essentially flat at $72.2 million. The filing indicates the change in dollar assets over the quarter reflects the drop in LINK’s market price rather than a change in the trust’s token holdings.
Analysts had projected mid-2026 AUM for GLNK in a base case between $150 million and $300 million, with higher estimates in bullish scenarios. Those projections have not been met through the quarter reported.
The 10-Q provides the trust’s routine regulatory disclosures, including holdings, fee arrangements and quarterly valuations. Chainlink operates an oracle network that supplies off-chain data and price feeds to smart contracts on Ethereum and other blockchains; the filing shows GLNK’s net assets moving in line with the underlying token price.
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