The ETF not only tracks the market value but also earns rewards from staking the LINK token of the Chainlink ecosystem. Grayscale described the new fund as a continuation of the company's series of products converted from trusts to exchange-traded funds on Dogecoin and Solana.

Grayscale is bullish on the Chainlink ecosystem, considering it "an important connective tissue" linking cryptocurrency to traditional finance.

"LINK is a large crypto asset by market capitalization associated with services—the 'picks and shovels' of on-chain finance. LINK is the largest crypto asset that is not a level-one token," the investment firm explained.

Interest in LINK has been growing over the past few months. In August, CaliberCos became one of the first U.S. companies to publicly trade LINK. CaliberCos expects both long-term investment in LINK and profits from staking.

In June, the Chainlink network participated in Hong Kong's digital currency experiment. Participants in the pilot program tested ways to move tokenized funds between Hong Kong and Australia using the Cross-Chain Interoperability Protocol (CCIP).

Earlier, Bitwise and Grayscale announced the imminent launch of their spot exchange-traded funds (ETFs) linked to the XRP cryptocurrency in the US.