Key Highlights
- Grayscale debuts the first U.S. Chainlink ETP with zero fees.
- The firm files to convert its $150M Zcash Trust into a spot ETF.
- New research says Bitcoin could reach new highs in 2026 despite recent volatility.
Grayscale, a U.S.-based crypto asset manager, has expanded its exchange-traded product lineup with the debut of the Grayscale Chainlink Trust ETF (GLNK).
The zero-fee product is the first Chainlink ETP in the U.S., giving investors regulated exposure to the oracle network that delivers real-world data to smart contracts and supports cross-chain messaging across DeFi.
The launch comes as asset managers race to broaden their crypto ETF menus beyond the dominant Bitcoin and Ethereum products, offering investors regulated access to infrastructure-level tokens.
Grayscale’s recent moves
On November 26, Grayscale filed an S-3 registration statement with the SEC to convert its long-running Zcash Trust into a spot Zcash ETF. The proposed fund would hold physical ZEC and track the CoinDesk Zcash Price Index, enabling the ETF to mirror real-market valuations more closely.
The trust holds about $150 million in ZEC. Grayscale says it qualifies for the S-3 fast-track process due to its reporting history and past BTC and ETH trust conversions. Trading on NYSE Arca would begin once the SEC approves the related 19b-4 rule change.
Bitcoin ETFs research
In a December 1 report, Grayscale Research challenged one of crypto’s most persistent narratives: that Bitcoin moves in predictable four-year halving cycles. The firm argues that the pattern is weakening as macro forces, like expected U.S. rate cuts and looming digital-asset legislation, play a larger role.
Grayscale notes that Bitcoin’s 32% drop from its $126,000 peak, now trading near $91,000, remains typical for bull-market ETFs.Â
Also, GLNK does not represent a direct investment in Chainlink itself; the product holds LINK tokens on behalf of shareholders, currently trading around $13.
The vehicle is not registered under the Investment Company Act of 1940, meaning it does not carry the same investor protections that apply to traditional ETFs and mutual funds.
To keep watching
With privacy assets gaining and AI-related tokens losing momentum in November, Grayscale argues that evolving sector flows will be key to understanding where capital moves next across crypto ETFs.
Also read: Vanguard to Allow Trading of Bitcoin, Ethereum, and XRP ETFs
