The ETF market is experiencing a mixed quarter, as some products struggle to maintain their growth. ChainLink illustrates this situation with a fund whose value depends directly on a single a
The ETF market is experiencing a mixed quarter, as some products struggle to maintain their growth. ChainLink illustrates this situation with a fund whose value depends directly on a single asset. Launched on NYSE Arca in December 2025, Grayscale’s product started with solid inflows. Since then, the drop in LINK has reduced its net asset value and slowed its net assets. The latest quarterly report thus confirms a marked slowdown, without signaling any massive investor withdrawals.
On August 7, Grayscale filed a 10-Q form with the United States Securities and Exchange Commission (SEC). The document concerns the Chainlink Trust, which became an ETF under the symbol GLNK in December 2025.
As of June 30, the fund’s net asset value was $72.2 million. This level remains close to the $73 million recorded in April, despite previously observed capital inflows. The report mainly shows the effect of the price drop on the product’s overall value. At the end of the second quarter, the token was worth $7.25, compared to $8.77 during the previous quarterly filing in May. The decline thus reached 18% over three months, according to figures provided by Grayscale.
This drop brought the fund’s net asset value per share down to $6.38. Grayscale also estimates an unrealized loss of about $16.4 million on its LINK holdings. However, the number of tokens held remained stable during this period.
Secure your cryptos with LedgerThis link uses an affiliate program.The operation of GLNK directly explains this evolution, as the product relies on a single asset. It therefore has no diversification to mitigate a LINK drop. When the price falls, the value of the fund’s holdings decreases mechanically.
This relationship becomes particularly apparent when new inflows are no longer enough to offset the market decline. The second quarter precisely shows this situation, with almost unchanged net assets despite the capital already brought in.
The ChainLink network provides external data and price information to smart contracts on Ethereum and other blockchains. ChainLink has experienced volatile development since the launch of GLNK on the US market.
In this context, the market for altcoins related to on-chain infrastructure is also going through a difficult period. The drop in the LINK price directly weighed on the fund’s value, while the number of tokens held remained stable over the quarter.
The fund’s launch had nevertheless shown rapid results according to the report’s data. GLNK attracted $41 million in inflows on its first day of trading. Its assets under management then reached about $64 million in less than 48 hours. In April, this amount rose to about $73 million, confirming initial growth. These figures had fueled much higher projections for the rest of the year.
Some estimates then mentioned between $150 and $300 million in assets by mid-2026. In a more favorable scenario, these projections could reach $400 to $600 million. The second quarter report shows that this trajectory did not materialize. Net assets remain at $72.2 million, far from the most conservative growth scenario. ChainLink retains institutional exposure via GLNK, but the fund’s growth rate has paused.
The document also provides important information on investor flows. The stability in the number of tokens held indicates that the slowdown does not come from massive withdrawals. New capital inflows were impacted by the token’s drop. The current asset level mainly reflects the market effect observed during the quarter.
Grayscale maintains an annual fee of 0.35% on GLNK’s assets. This rate corresponds to the one set when the trust converted into an ETF in December 2025. Before this transformation, the private structure charged 2.5% to accredited investors. Grayscale had also temporarily waived part of the fees until early March 2026. This measure aimed to accompany the transition to the new listed structure.
For the semester ended June 30, the promoter’s fees amounted to about $136,000. This amount corresponds to the announced annual rate, calculated on the average net assets of the fund. It remains low compared to the unrealized loss of $16.4 million recorded for the quarter. These figures however show the particular operation of a crypto ETF focused on a single asset. The structure reduces fees but retains direct exposure to token price variations.
Thus, the ChainLink product continues to be represented on the listed market by a product whose performance closely depends on LINK. This evolution remains linked to the same parameters observed since the beginning of the year.
The next net asset development will therefore depend on the combination of new inflows and price evolution. If the token remains under pressure, the fund’s growth could continue more slowly. Conversely, a market recovery could quickly change the value of assets held. The next quarterly report will mainly measure whether GLNK regains growth momentum or remains close to its current level.
