Grayscale Could Launch First US Spot Chainlink ETF This Week

The ETF is expected to go live on Dec. 2 and will include staking rewards in addition to spot price exposure. The launch comes as the US enters a time of increased ETF approvals, with analysts forecasting that more than 100 new crypto ETFs could launch in the next six months. At the same time, CoinShares withdrew its application for a staked Solana ETF after its underlying deal fell through, despite the fact that rival issuers like REX-Osprey and Bitwise saw strong inflows into their own staked SOL funds. 

First US Chainlink ETF Nears Launch

Grayscale is getting ready to launch the United States’ first spot Chainlink (LINK) exchange-traded fund (ETF) this week. The development was revealed by ETF Institute co-founder Nate Geraci, who said on X that the long-running Grayscale Chainlink Trust is now scheduled to be uplisted and converted into an ETF, becoming the first product of its kind to offer direct exposure to LINK in the US market. Senior ETF Analyst Eric Balchunas believes that Grayscale’s launch is expected on Dec. 2.

The product will track the spot price of Chainlink while also capturing additional returns from staking, a feature that distinguishes it from some of the earlier crypto ETFs that exclusively tracked price action. In a recent research report, the firm described the Chainlink ecosystem as “critical connective tissue” that is helping bridge blockchain infrastructure with traditional financial systems through its oracle networks and real-world data feeds.

Grayscale’s push toward a LINK ETF comes as Bitwise, one of its closest competitors, prepares its own version, which is still awaiting regulatory clearance. The dueling filings were made at a time when the US crypto ETF market is experiencing unprecedented momentum. Balchunas recently shared that five spot-based crypto ETFs are set to launch in a six-day span, and added that the next six months may see more than 100 new products enter the market as issuers try to capitalize on a more open regulatory stance toward digital-asset funds.

This year already saw the approval of spot ETFs tied to Solana, XRP, and Dogecoin. Grayscale itself has been a big beneficiary of this regulatory turnaround. Just last month, the company began offering spot ETFs for XRP and DOGE, expanding its portfolio of tradable crypto investment vehicles even more.

The arrival of a spot Chainlink ETF suggests that there is growing institutional demand for exposure to blockchain infrastructure projects, not just base-layer cryptocurrencies. For Chainlink, the launch could be a defining moment that brings one of crypto’s most widely-integrated protocols directly into the portfolios of traditional investors for the first time.

CoinShares Pulls Staked Solana ETF Plan

In other ETF-related news, CoinShares recently withdrew its application with the US SEC for a staked Solana ETF. The product would have joined the fast-growing class of yield-bearing Solana funds. According to the SEC filing, the underlying structuring deal and asset purchase were never finalized, which left no mechanism for the shares to be issued. The filing clarified that no shares were ever sold and none will be sold under the abandoned registration.

The withdrawal happened at a time when other asset managers successfully launched staked Solana ETFs in the US. REX-Osprey introduced the first staked SOL ETF in June, followed by Bitwise in October. Bitwise’s fund made a strong debut with almost $223 million in inflows on its first trading day, quickly accumulating about half the value that the REX-Osprey product built over several months. Analysts say that this is proof that there  is strong investor appetite for yield-generating Solana exposure.

Despite the enthusiasm around these ETFs, Solana’s price failed to keep up. SOL has been on a steady downtrend since topping $250 in September, falling to around $120 in November. This is a roughly 60% drop from its all-time high close to $295 in January 2025, when the launch of the Official Trump meme coin triggered a wave of meme coin trading and briefly boosted network activity and demand.

SOL’s price action over the past year (Source: CoinMarketCap)

Throughout November, Solana ETFs attracted more than $369 million in inflows as investors  looked for staking rewards, even while Bitcoin and Ethereum ETFs suffered heavy outflows. Analysts previously expected SOL to climb toward $400 on the back of ETF inflows, but those projections have since been scaled back. Many now believe the token faces a lot of resistance in reclaiming even the $150 level.

Solana ETF flows (Source: Farside Investors)

Now, CoinShares’ withdrawal removes one potential catalyst from the Solana ETF landscape, but the sector continues to see strong demand. Only time will tell whether that momentum can eventually revive SOL’s price.