Grayscale has filed with the U.S. Securities and Exchange Commission to convert its existing Chainlink Trust into a spot exchange-traded fund.

The proposed ETF — if approved — would trade on NYSE Arca under the ticker GLNK, according to a Monday S-1 registration statement submitted to the regulator. This is one of two documents required to make an ETF application official.

Chainlink’s LINK token is higher by 3% over the past 24 hours alongside a general rally in altcions that’s seen XRP add 2.6%, SOL 5% and DOGE 7.4%.

Grayscale’s filing also includes a potential staking feature. If permitted, the fund could use third-party staking providers while keeping the LINK tokens in custodian wallets. Staking rewards could be retained by the fund, distributed to shareholders, or sold to cover expenses, depending on future regulatory guidance.

The product would convert from the Grayscale Chainlink Trust, which has existed since February 2026 and currently manages nearly $29 million in assets. Coinbase Custody Trust Company would serve as custodian.

Grayscale said the ETF would process share creations and redemptions in cash, mirroring the structure used by recently approved spot bitcoin (BTC) and ethereum (ETH) ETFs. However, the filing allows for the possibility of in-kind redemptions if future regulations permit.

The move is part of a broader effort by Grayscale to transition multiple single-asset crypto trusts into ETFs. Other pending proposals include funds tied to the price of solana (SOL), dogecoin (DOGE), and XRP.

The SEC under chair Paul Atkins has yet to approve or deny any of these pending applications but that hasn’t stopped firms from preparing products they believe could be among the first in their asset class.

If approved, the GLNK ETF would give traditional investors regulated access to Chainlink’s price performance, which powers decentralized data feeds for blockchain applications and smart contracts. The addition of staking could also provide an income component not yet available in most U.S. crypto ETFs.

For now, the market seems to be reacting optimistically, with LINK posting one of the day’s stronger gains among major cryptocurrencies.