The first exchange-traded fund tracking Chainlink is set to begin trading on Tuesday on the New York Stock Exchange.
NYSE Arca, the subsidiary of the NYSE Group, certified a listing to convert the Grayscale Chainlink Trust ETF, according to a filing posted on Monday.
"The NYSE Arca certifies its approval for listing and registration of the Grayscale Chainlink Trust ETF Shares, a series of Grayscale Chainlink Trust ETF, under the Exchange Act of 1934," according to that filing.
Understanding Chainlink and its Market Position
Chainlink is an oracle network that connects blockchains to external data and has been adopted by national governments, major DeFi protocols and traditional financial institutions, according to its site. Its token, LINK, has a market cap of nearly $8.5 billion, ranking it among the 25 largest cryptocurrencies, according to The Block’s price page.
Recent Trends in Crypto ETFs
Over the past few weeks, several crypto ETFs have launched in the U.S., including ones tracking Litecoin, HBAR, XRP and SOL. In particular, Grayscale has converted several of its closed-end trusts to exchange-traded products, including those tracking Dogecoin and Solana.
Shifting Regulatory Landscape
Firms are also benefiting from a friendlier regulatory environment under the Trump administration.
Under the Biden administration, the Securities and Exchange Commission, which oversees ETFs, took a more cautious approach to digital assets while bringing several enforcement cases against major players.
Now, under SEC Chair Paul Atkins, the SEC has taken steps to provide clarity for digital assets as well as approved listing standards for certain ETFs, allowing them to begin trading more quickly.