Grayscale's Chainlink Trust ETF (GLNK) held $72.2 million in net assets as of June 30, according to a Form 10-Q filed with the SEC on August 7. LINK's price fell 18% during the quarter, from $8.77 to $7.25, cutting the fund's net asset value per share to $6.38.
Grayscale's Chainlink Trust ETF (GLNK) reported $72.2 million in net assets as of June 30, in a Form 10-Q filed with the U.S. Securities and Exchange Commission on August 7. The filing shows LINK's price falling 18% during the quarter, as the token's slide dragged down the value of the fund's single holding.
LINK's price slide cuts fund value
The filing shows GLNK holding 10,030,901.11 LINK tokens, unchanged in count from the prior quarter but worth far less in dollar terms. LINK closed the quarter at $7.25, down from $8.77 when the prior 10-Q was filed in May — an 18% drop that pulled the trust's net asset value per share down to $6.38. Grayscale's own figures show an unrealized loss of roughly $16.4 million on the LINK stake for the quarter, even with the token count untouched.
A fast route from private trust to ETF
GLNK began trading on NYSE Arca on December 2, 2025, converting a Delaware trust Grayscale had run privately since 2020. The SEC approved generic listing standards for crypto exchange-traded products in September 2025, letting exchanges list qualifying crypto trust conversions without the individualized rule-filing process that previously took close to a year. Grayscale used that faster path to bring GLNK, along with several other single-asset trust conversions, to market within months.
Growth projections fall short
GLNK's launch drew $41 million in inflows on its first trading day, pushing assets under management to roughly $64 million within 48 hours. By April, AUM had climbed to about $73 million, and some analysts projected the fund could reach $150 million to $300 million in a base case by mid-2026, with a bullish scenario running as high as $400 million to $600 million. Those projections have not played out: the Q2 filing puts net assets at $72.2 million, essentially flat with April's figure, as new inflows got absorbed by the price decline.
Fee stays at 0.35% despite the loss
Grayscale charges 0.35% annually on GLNK's assets, a rate it locked in when the trust converted to an ETF in December 2025, down from the 2.5% it charged accredited investors under the prior private-trust structure. For the six months ended June 30, GLNK's sponsor's fees totaled roughly $136,000 against the fund's average net assets — a small figure next to the $16.4 million quarterly paper loss.
Source: SEC (Grayscale Chainlink Trust 10-Q)
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